[dataflow]

> if the supermarket or pub would accept it, then it's effectively money, right?

Only long as you both accept the same shared understanding of what it is. If one of you believes it's counterfeit and the other doesn't (whether it actually is or isn't!)... then it's not effectively money, no. For example, I don't know about you, but I sure as hell wouldn't knowingly pass off a counterfeit on the basis that the supermarket would accept it.

[HarHarVeryFunny]

I think it depends... if everyone else was treating the counterfeits same as genuine coins, so you're continually getting a mix in change, and no-one is rejecting them when you pass them on, then I think most people would just do the same. If you are not going to get in trouble by spending one (assuming you even noticed in the first place - probably not), and can be pretty much 100% assured it'll be accepted, then it'd be a bit perverse to squint at every coin you handle.

Fiat currency has no inherent value - it's just a system of communal acceptance. If everyone accepts the fake coins then they ARE money. As you note, the system only breaks down if some people stop accepting it.

It'd be interesting if someone from the UK could chime in: Were you aware of all the fake pounds circulating (1 in 30!) ? Did you notice if you got one? Did you care?

[dataflow]

> I think it depends... if everyone else was treating the counterfeits same as genuine coins, so you're continually getting a mix in change, and no-one is rejecting them when you pass them on, then I think most people would just do the same.

I think you're directly affirming this: it's fine as long as you both accept the same shared understanding of what it is.