"The 2012 Trial of the Pyx is now underway. This is a tradition dating back to 1282 where an independent jury ensures the coins made by The Royal Mint
are of the proper weight, diameter and composition as defined by law.
This year's trial occurs as the number of fake ¬£1 coins in circulation continues to rise."
"In fact, there are now so many fake coins in circulation that The Royal Mint
could be forced into the costly measure of scrapping and reissuing the whole lot with new designs, especially if the number of counterfeit coins continues to increase at a similar rate. The most recent Royal Mint
survey indicates that 2.94% of all ¬£1 coins are forged - that's around 43 million."