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Various currencies, including the 500 Italian Lira coin, the 5 South African Rand coin, and the 10 Thai baht coin, are similar to the 2 Euro coin and are sometimes passed off as such, especially to tourists. [1] Even when the Lira was legitimate currency, 500 Lira was only worth €0.26. [2]
Unfortunately, we’ll also think for a second about scam coins. It’s still very early in the game. And any time a new topic, or in this case, asset class, catches fire, scammers pop up.
In August 2008, the CFTC set up a special task force to deal with growing foreign exchange fraud. [3] In January 2010, the CFTC proposed new rules limiting leverage to 10 to 1, based on "a number of improper practices" in the retail foreign exchange market, "among them solicitation fraud, a lack of transparency in the pricing and execution of transactions, unresponsiveness to customer ...
Counterfeit money is currency produced outside of the legal sanction of a state or government, usually in a deliberate attempt to imitate that currency and so as to deceive its recipient. Producing or using counterfeit money is a form of fraud or forgery , and is illegal in all jurisdictions of the world.
According to Liberty Coin & Currency, most foreign money isn't worth more than face value -- except for the memories you built while collecting international coins and bills during your travels....
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This scam occurs when exchanging foreign currency. If a large amount of cash is exchanged the victim will be told to hide the money away quickly before counting it ("You can't trust the locals"). A substantial amount will be missing. In some cases, insisting on counting to make sure the money is all there is the basis for a clever scam.
In a case brought forward by the U.S. Commodity Futures Trading Commission (CFTC) against Robert Higgins and his companies Argent Asset Group (Argent) and First State Depository Company (FSD), a...