It is widely believed that because the two pound coin is bi-metallic, that it would be too difficult and too expensive to mass produce counterfeits.
However, counterfeits can be as simple as a metal disc with a painted outer ring like the sample below.
A counterfeit manufactured for the purposes of handing over to a shop assistant for example, only has to be good enough to fool the assistant.
The sample above is clearly not the most convincing fake, but at some point was obviously good enough for someone to accept it as payment or change when they wasn't paying much attention.
Counterfeits manufactured to deposit into banks over the counter, only need to have the correct weight. The coins are rarely visually checked, they are just weighed in, even if depositing large qualities of coins.
It’s generally only companies that use cash centers that lose out. Coins deposited into banks via cash centers are normally sorted and counted by high speed machines. If counterfeits are detected they are generally confiscated and the value deducted for the amount of cash deposited.
Increasingly cash center machines are fitted with senor's to check the electronic signature of the coins. Once the fraudsters get this right then it becomes a major problem for the government, as this is currently the only way they have of taking fakes out of circulation.
Like the fake £1 coins over the years the fraudsters have developed their manufacturing technique and are now producing two part bi-metallic coins, as pictured above.
Worryingly during 2014 we found a number of fakes that are beginning to look more realistic and have a very similar metal contain to that of genuine coins, see pictures below.