Yup.
And counterfeiting is about as ancient as coin-making.
https://www.google.com/search?q=ancient%20counterfeit%20coins
How do you counterfeit gold?
Diogenes the Cynic is said to have claimed that his father, as mint-master at Sinope, minted counterfeit coins. I have seen some silver coins of Sinope which had the initial letters of Diogenes' father's name on them and there was nothing wrong with them--perhaps he made up that story for its shock value.