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Record Number Of Fake £1 Coins Could Force Reissue

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http://www.telegraph.co.uk/finance/personalfinance/consumertips/banking/7910602/Record-number-of-fake-1-coins-could-force-reissue.html

There are now so many fake £1 coins in circulation the Royal Mint could be forced to scrap all of the coins and reissue the entire denomination.

Their warning came as new figures indicated there were £41 million fake £1 coins in Britain – one in every 36 in circulation. This is a record level and suggests that the proportion of counterfeit coins had tripled in the last decade.

The situation has worsened since last year, when one in 40 £1 coins were fake. Experts and MPs said the level of fakes were so high there was now a serious risk that consumer confidence in Britain's most popular coin was becoming compromised.

The figures were published in a Parliamentary answer supplied by Justine Greening, the Economic Secretary to the Treasury to Andrew Rosindell, the Conservative MP.

Mr Rossindell said the number of counterfeits was "a genuine matter for concern".

"This has a huge effect on confidence in our currency. Clearly the one pound coin is something the Royal Mint needs to reconsider. Even one in a hundred fake coins is too many. The effect on consumers has to be a major consideration. if you take it to the shop that gives it to you they may replace it on trust, but they don't have to. A lot of people have lost out because of this. I hope that the Government will look at it more deeply."

The biggest losers are small shopkeepers who are not refunded by banks if they send fake coins from their tills.

Robert Matthews, the former Queen's Assay Master at the Royal Mint, the most senior coin tester in the country, said: "If the number of fakes keeps increasing at this rate, there will have to come a point when the Treasury makes the decision whether to remint or not."

Scrapping the £1 coin would be very expensive for the Government as well as major upheaval for consumers. However, other countries have been forced to take similar action when counterfeits became too prevalent. The 5 rand coin in 2004 was reissued after taxi-drivers and shopkeepers in South Africa started to refuse to accept them. Fakes were just 2 per cent of all coins, compared with 2.81 per cent with the British £1.

Experts said it was becoming increasingly difficult for shoppers in Britain to spot a fake. The only time they usually notice is when they are rejected by a parking meter or vending machine, which contain devices to monitor whether the metal composition of the coins are correct. However, at least half the fakes are now so good they pass these tests.

Clearly people won't hold onto the fakes I wonder what there velocity is in the economy?

The counterfeiters are only doing what the BoE has done, printing new money into existence. Perhaps if they bought govt bonds with their funny money like the BoE did no one would object.

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I was in tesco the other day and trying to pay at one of the self service tills and it rejected 3 of my £1 coins , presumably because they were the wrong weight.

I had to queue in the checkout with an assistant to get shut of them.

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Counterfeit pound worth more than real one on FOREX markets?

The Onion did it first (link).

"We don't even accept regular U.S. dollars anymore," said Union, NJ 7-Eleven manager Rick Grove, echoing the sentiments of merchants nationwide. "We've gotten stung a few times taking in the real ones. I always tell my cashiers, if it feels fake to the touch, and you can't see both sides when you hold it up to the light, it's fine."

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Why not just accept them as legitimate currency. Only the issuing authority is different, after all. In fact, we could accept almost anything. do bottle tops still exist in England?

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At least the 'counterfeiters' don't get to charge endless interest on the coins they make. Can't see the problem really. Oh yeah, the banks don't like the competition.

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£200billion QE - No problemo

A few million 'fake' coins - world falls in.

MPs have no sense of irony.I'm suprised he hasn't tabled a motion calling for cash to be replaced with digital money like they're doing in Sweden to 'avoid' this 'problem'.

Edited by Frank Sidebottom

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£200billion QE - No problemo

A few million 'fake' coins - world falls in.

MPs have no sense of irony.I'm suprised he hasn't tabled a motion calling for cash to be replaced with digital money like they're doing in Sweden to 'avoid' this 'problem'.

As the bumper sticker goes "Don't steal, the government hates competition"

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Why not just accept them as legitimate currency.

Accept it as a bit of impromptu quantitative easing? Very public spirited of the counterfeiters. After all, "we're all in this together".

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Accept it as a bit of impromptu quantitative easing? Very public spirited of the counterfeiters. After all, "we're all in this together".

The point I was trying to make is that fake coins are not acceptable to people because they are not seen as being a legitimate form of currency. But why? Their intrinsic value is probably not the issue. It comes down to a matter of perception. So far as I can see, there is nothing of intrinsic value backing up either coin or paper currency. That means, if the "trust" which people have in the official currency of the day is taken out of the equation, the "value" of our physical money falls to near zero.

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It's my local Greggs that palms them off round here. A right shifty looking woman works there and that's when I get the most from them.

Inform the police?

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".....However, at least half the fakes are now so good they pass these tests...."

What happens if this improvement continues? Is there a point when the counterfeit coins surpass the quality of the genuine ones? Would the clever parking machines then start rejecting the genuine ones?

p-o-p

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It's my local Greggs that palms them off round here. A right shifty looking woman works there and that's when I get the most from them.

I have my doubts about whether Greggs pasties are genuine.

p-o-p

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Noticed a pretty awful one when I was paying for a hair cut the other day.

Barber shrugs, says, 'I'm leaving next week mate boss is a [insert rude word!],' and put it in the till!

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".....However, at least half the fakes are now so good they pass these tests...."

What happens if this improvement continues? Is there a point when the counterfeit coins surpass the quality of the genuine ones?

This is all getting a bit Philip K. Dick:

The interpretation and confusion of true and false realities is the principal theme of The Man in the High Castle; it is explored several ways:

Robert Childan grasps that most of his antiques are counterfeit, thus, becomes paranoid that his entire stock might be counterfeit; a theme common to Dick's writing (cf. Do Androids Dream of Electric Sheep?), wherein the counterfeit is better than the original, because it is functionally real, e.g. the .44 caliber Colt Army Model 1860 revolver indistinguishable by anyone but an expert armorer, as Tagomi's shoot-out demonstrates.

The Man in the High Castle

"More human than human"?

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Regarding Greggs, I can't be the only person and I just don't have 100% proof - it's just when dodgy woman is working and I use a tenner, I'm guaranteed to get one or two back. If I have 100% proof then I would.

I'm still counting although my need to eat better foods is meaning I don't go there much at all these days. I think a sausage roll about 2 weeks ago was the last time.

Making me hungry for one now just thinking about it...lol

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Its much more than that, its about 1 in 10 coins, whenever I have done a personal check...

When I took £200 out of the bank (Alliance and Leicester), and I had time to waste, 20 of the coins were fake...

Apparently the royal mail coin detection system isn't up-to the job, and the real figure is much higher:

http://derrenbrown.co.uk/blog/2009/04/one-in-20-1-coins-is-fake-claims-expert/

Edited by AteMoose

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  • 244 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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