Waterloo man arrested after counterfeit coin sold for $25,000

A Niagara Regional Police officer is seen in an undated file photo. (The Canadian Press/Francis Vachon)

A 61-year-old Waterloo man has been arrested after an investigation into the sale of counterfeit money.

In December 2021, a Niagara Region collector purchased what he thought was a rare 1921 Canadian 50 cent coin for $25,000, Niagara regional police said in a media release.

Depending on its condition, the value of this coin can far exceed $25,000, police said.

But when the coin was received from the seller, it was determined to be counterfeit.

After an investigation, police identified a suspect. On Tuesday May 17, a 61-year-old man from Waterloo was arrested.

He is now charged with fraud over $5,000 and uttering counterfeit money.