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1 In 30 £1 Coins Are Fake?

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http://www.dailymail.co.uk/news/article-2918703/How-fake-1-coins-purse-Bank-England-chiefs-admit-currently-50-million-fakes-circulation-s-one-thirty-fool-vending-machines.html

One in THIRTY £1 coins is a FAKE: Bank of England chiefs admit there are currently 50 million fakes in circulation and some even fool vending machines
  • Nine million fake £1 coins have been detected and withdrawn in five years
  • Number spotted has dropped with forgers producing more realistic coins
  • The government is introducing new £1 coin in 2017 to counter the problem
  • Bank of England believes there are almost 50 million fakes in circulation

Bank of England bosses have admitted they believe there are almost 50 million fake £1 coins in the nation's pockets.

Experts now believe that almost one in every thirty pound coins is a fake with around half of these counterfeit coins good enough to fool vending machine and automated tills.

In the last five years a total of nine million £1 coins have been detected and withdrawn by the Treasury.

£50m in fake cash is circulating and all adding to GDP what's the problem, isn't this the aim of fake currency?

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Absolutely endemic in Leeds. It got to the point I would no longer hand over a tenner in the market or pound shops there because you were fairly sure to get a dodgy pound coin if they handed you a fist full of pound coins in return. One shop was so bad I simply stopped shopping there.

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Absolutely endemic in Leeds. It got to the point I would no longer hand over a tenner in the market or pound shops there because you were fairly sure to get a dodgy pound coin if they handed you a fist full of pound coins in return. One shop was so bad I simply stopped shopping there.

Staffed from 'Bradford'?

Who knows, give it some more years of low IRs and high deficits and the fakes will be worth more than the real things.

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Staffed from 'Bradford'?

Who knows, give it some more years of low IRs and high deficits and the fakes will be worth more than the real things.

This happened in China around 500 years ago, fake currency was held in a higher regard than real.

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If other people are happy to accept them then they have currency value. After all it's not like the ones stamped by the Royal Mint are actually worth anything, is it?

Why do the authorities talk it up like it's our problem? Trying to erode confidence in cash?

It's not a problem for the public, it's only a problem for the authorities, as the forgers get the seignorage instead of the Mint. So the authorities should just go after the forgers if they really wanted to deal with it. I bet they know what groups and communities are behind this.

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£50m fake coins as opposed to the £350,000m fake printing? Don't really see the problem.

If I get a fake coin I haven't noticed and usually end up just 'giving it back' to the person who gave it me in the first place (£10 note for the train - loads of change - change returned over the next two days).

Got an obvious fake once - very useful actually. Stuffed it in the car glove box - very useful for the local supermarket trolleys which require a coin to release.

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If other people are happy to accept them then they have currency value. After all it's not like the ones stamped by the Royal Mint are actually worth anything, is it?

Why do the authorities talk it up like it's our problem? Trying to erode confidence in cash?

It's not a problem for the public, it's only a problem for the authorities, as the forgers get the seignorage instead of the Mint. So the authorities should just go after the forgers if they really wanted to deal with it. I bet they know what groups and communities are behind this.

Exactly....all boils down to confidence of the means of exchange.....There is one station car park ticket machine that knows what money it likes and doesn't like...it is in the habit of spewing any fakes, thanks very much.

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All this talk about fake money could be a precursory to a new cashless society..... All this swipe of smart phones,touchless payments, high speed internet etc etc.....the only real money may one day be electronic money? Who knows?

Edited by winkie

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I bet it will cost more than 50m to convert all of those vending machines, amusement machines, car park ticket machines, supermarket trolly's, toll booths etc. to the new coin they propose.

What happened to that £5 the announced years ago?

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How will new coins combat the problem?

The new coin coming out in 2017 is a funky looking beastie:

one_pound.png

It's got all sorts of sloped surfaces and funny angles instead of being a flat disk so it's extremely hard to make.

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The new coin coming out in 2017 is a funky looking beastie:

one_pound.png

It's got all sorts of sloped surfaces and funny angles instead of being a flat disk so it's extremely hard to make.

Perhaps, as coins get harder to fake, we will see a resurgence in efforts by organised criminals to return to bank note counterfeiting? I vaguely recall hearing that banknotes will be changing to plastic from paper in the near future? One of the long standing problems for banknote counterfeiters was that, even when fresh and of high print quality etc, the poorer quality of paper was a give away. Something tells me that faking plastic notes (the first generation ones no doubt) may not be that hard?

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If other people are happy to accept them then they have currency value. After all it's not like the ones stamped by the Royal Mint are actually worth anything, is it?

This. I'm not sure what the problem is. They are printing cash the whole time, and now they are worried about a few pound coins? lol.

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This. I'm not sure what the problem is. They are printing cash the whole time, and now they are worried about a few pound coins? lol.

I imagine they're worried because it's the wrong kind of people profiting from coin counterfeiting.

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Surely this is the best way to boost the economy! The new money created isn't entering the economy from the top, and hence a big slice taken by the banking system - rather entering from the bottom. Secondly, the criminals creating them are hardly savers, so the velocity of this new money will be higher than usual boosting the economy further.

I bet the BoE is replacing the fakes for real coins too... luvely jubley...

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The new coin coming out in 2017 is a funky looking beastie:

one_pound.png

It's got all sorts of sloped surfaces and funny angles instead of being a flat disk so it's extremely hard to make.

With all sorts of variations on coins its hard to tell what some of them are let alone whether they are fake. I pity any bus drivers as the company rejects fakes and it comes out of the driver's pocket.

As to making it hard to forge, the most effective measure against forgery has already been taken - schools no longer teach metalwork. However, some of us old 'boomers' would have little trouble making a fair copy of anything the Mint can do. Most of the fake £1 coins give you a clue, the head and tail don't line up if you spin it around. That is so that the makers don't end up accepting their own back again. The trick is to make a coin for less than the face value - something the Mint has real trouble with, hence your 'copper' coins are steel (or is that steal).

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With all sorts of variations on coins its hard to tell what some of them are let alone whether they are fake. I pity any bus drivers as the company rejects fakes and it comes out of the driver's pocket.

As to making it hard to forge, the most effective measure against forgery has already been taken - schools no longer teach metalwork. However, some of us old 'boomers' would have little trouble making a fair copy of anything the Mint can do. Most of the fake £1 coins give you a clue, the head and tail don't line up if you spin it around. That is so that the makers don't end up accepting their own back again. The trick is to make a coin for less than the face value - something the Mint has real trouble with, hence your 'copper' coins are steel (or is that steal).

Really when /why did that come about ?for the latter i would guess health and saftey

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