Author Topic: Fake £1 Coins rising in circulation figures show  (Read 2553 times)

Offline Tascio

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Fake £1 Coins rising in circulation figures show
« on: July 27, 2010, 01:15:54 PM »
http://www.bbc.co.uk/news/business-10774366

How to spot a fake pound coin

Nearly two million counterfeit £1 coins were returned to the Royal Mint in the last financial year, figures show.

This was more than 23 times higher than the number seized six years earlier, MPs were told.

An estimated one in 36 £1 coins in circulation are counterfeit, prompting a campaign by the Royal Mint telling people how to spot fakes.

Key signs of counterfeits include a poorly defined ribbed edge or an indistinct design of the Queen.

Growing number

Various groups have been told to inspect for fakes before they reach the pockets of consumers.

In a written parliamentary answer, the Economic Secretary to the Treasury, Justine Greening, explained that high-speed automated systems were used by banks and the Post Office to process deposits and prepare coins for reissue.

"These automated systems are capable of detecting and withdrawing a significant number of counterfeit coins," she said.

"All counterfeit coins detected from coin processing are sent to the Royal Mint for disposal."
How to spot a fake £1 coin
Continue reading the main story

    * Indistinct lettering or wrong typeface on edge
    * Queen's head and pattern on reverse should both be upright when coin is turned over
    * Design on reverse should correspond with official design for year of its issue

Financial institutions handled more than three billion £1 coins a year, she said.

In 2003-04, when figures were first collected, the number of £1 coins returned to the Royal Mint stood at 85,000.

This leapt to close to one million in 2008-09, and then doubled the following year.

In the first three months of the 2010 financial year, the number has already reached 187,000.
« Last Edit: May 03, 2015, 03:47:56 PM by Tascio »



Offline Tascio

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Re: Fake £1 Coins rising in circulation figures show
« Reply #1 on: November 26, 2010, 01:05:38 AM »
Haven't seen any fake pound coins for a while, guess the police stopped all the guys producing them.