A recent counterfeit cash incident in the Greater Toronto Area is highlighting ongoing risks for collectors and the wider public, as fake $100 and $50 notes continue to circulate in the marketplace.
In a CTV News feature by Pat Foran, Toronto resident Leza Polyakova discovered the issue firsthand after selling a smartphone through an online marketplace. The buyer paid $900 in cash, but the bills were later rejected when she attempted to deposit them.
A bank teller confirmed the notes were counterfeit, pointing to several telltale signs, including inconsistent colour, peeling security features and identical serial numbers across multiple bills.
The case is part of a broader trend. According to Toronto Police Service data, counterfeit currency seizures in the region have risen sharply. Police reported collecting $94,000 in fake notes in 2025, with that figure already exceeding $133,000 this year.
Collectors, dealers and anyone handling cash transactions are being advised to remain cautious, particularly with higher denomination notes. Counterfeits most commonly involve $50 and $100 bills, which are frequently targeted due to their higher face value and wider circulation.
For numismatists, counterfeit detection is a familiar concern, but incidents like this underscore the importance of applying the same scrutiny to modern circulating notes as to collectible material. Repeated serial numbers, poor-quality printing and compromised security features remain among the most common warning signs.
Police say many counterfeit transactions follow a similar pattern, with buyers attempting to rush the exchange and minimize scrutiny.
“The person is going to rush you and they are going to try and say they are in a hurry,” said Det. David Coffey of the Toronto Police Service. “They want to grab the product and get out of the door.”
Collectors conducting private sales, whether of coins, banknotes or related material, may face similar risks, particularly when dealing with unfamiliar buyers or cash payments arranged online.
The Bank of Canada continues to advise Canadians to verify notes using multiple security features, including transparent windows, colour-shifting elements and raised printing.
Authorities also remind the public that counterfeit currency must be surrendered to police, as it is illegal to knowingly keep or pass fake notes.
For collectors, the resurgence of counterfeit currency serves as a reminder that vigilance remains essential, even in everyday transactions outside the traditional numismatic marketplace.