The 20-centimetre strips of tin coated in vitreous enamel and embossed with a few white numbers are often worth more than the prestige cars they adorn. They have appreciated by more than 1500 per cent since they were first auctioned in 1983.
But the soaring value of the plates has unleashed a flood of counterfeits that often use I and O to replace one and zero.
Some of the cheaper plates,which can be bought from VicRoads for $495,are being illegally reproduced using the same German font and vitreous enamel coating used on authentic heritage plates.
Several of the illegal plates have been offered for sale on online auctions sites at massively inflated prices,which has infuriated the owners of real plates. Several wealthy plate holders are now considering legal action against VicRoads for failing to protect the integrity of their valuable plates.
VicRoads'own guidelines state that plates can be rejected or recalled if they''could be confused with an existing registration or series''.
Maurice Mangiagli,a heritage plate owner and enthusiast,said there was a growing number of impostors looking to cash in on the lucrative trend. He said he was aware of a legal challenge to curb the counterfeit plates.
''I know of several single-digit plate owners who have been offered more than $1 million … even the six-digit plates are worth in the vicinity of $10,000. The problem with these imitations is they diminish the value and exclusivity of the real ones. The other issue is that unsuspecting buyers will pay inflated prices for what is essentially a fraud,''Mr Mangiagli said.