MAJOR COUNTERFEITING SCHEME COULD MAKE A LOONIE TOONIE CURRENCY CRISIS IN CANADA
MAJOR COUNTERFEITING SCHEME COULD MAKE A LOONIE TOONIE CURRENCY CRISIS IN CANADAIf you don’t understand the Loonie Toonie reference, I’m all too happy to explain. Well, actually I’m appalled. But really it means I’m just old and have spent time in Canada. It’s a loose reference to the silly craziness that was the old kids’ cartoon, Loonie Tunes. But really it’s a double pun on a loonie, aka a Canadian single dollar coin, and a toonie, aks a Canadian two dollar coin. I spent enough time in Canada to appreciate them, especially when I realized I had a veritable ton of the latter left over for my next trip. But there’s a mass counterfeit problem involving the toonie, and it could literally cause a real currency crisis.
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I’m not too surprised, though it seems initially odd. Most of the plugged-in world is going cashless as much as possible, even as that makes identity and credit theft even more of a general industry. But cash is… cash. You can use it almost everywhere (still), though some situations may make that seem inconvenient time-wise. And when you spend cash, it’s anonymous compared to Big Brother looking at an itemized list of your purchases and wondering about that strip club. And having a lot of cash is always better. That’s why criminal have been counterfeiting money forever. But now, it’s a loonie toonie problem.
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Well, mostly toonie. And it makes sense; if you’re going to go to the trouble to make fake coins, do you go for one, or for two dollars per? Toonie, clearly. And the strategy is simple, as big retail (even a lot of little retail) have their guard up to catch people buying things with large, fake denominations. But coins? We barely think about them. But unlike the United States, where Silver Dollars are not at all common to use, the loonie and toonie are insanely common. And if counterfeit mills like the one in China keep churning them out in high-quality, Canada at a minimum could have a real crisis to manage.
