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Counterfeit £1 article: Scrapping and issuing new £ coins?
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augsburger
Pillar Of The Community
Germany
631 Posts
 Posted 02/10/2012  02:48 am Show Profile Bookmark this topic Add augsburger to your friends list Get a Link to this Message

http://uk.finance.yahoo.com/news/ho...31-coin.html

"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."

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MikeG
Valued Member
United Kingdom
128 Posts
 Posted 02/10/2012  07:47 am  Show Profile Bookmark this reply Add MikeG to your friends list Get a Link to this Reply
This is the laugh; if you spot one in your change you are supposed to take it to your local Police Station and hand it in.
They will say thank you but give you nothing in return. I don't think somehow many will be handed in.
Mike.
Electric Daveyland
New Member
United Kingdom
5 Posts
 Posted 02/10/2012  08:31 am  Show Profile Bookmark this reply Add Electric Daveyland to your friends list Get a Link to this Reply
That really would be desperation. It's been known for a long time that forging £1 coins has been big business. Even back in 1995 when I worked in banking we saw a lot of(poor) copies. I'm surprised that its still that worthwhile to forge what has become a much lower value coin than then
matchbox
Pillar Of The Community
United States
956 Posts
 Posted 02/13/2012  12:45 pm  Show Profile Check matchbox's eCrater Listings Bookmark this reply Add matchbox to your friends list Get a Link to this Reply
The article mentions millions of counterfeit One Pound coins. Who is making these coins and how can they do it in such large quantities? How do they get into circulation? Do the counterfeiters have a pocketful and use them in shops?

UPDATE:

I found this article from December 2007 about a man who made millions of pound coins.

http://www.dailymail.co.uk/news/art...1-coins.html
Edited by matchbox
02/13/2012 12:50 pm
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augsburger
Pillar Of The Community
Germany
631 Posts
 Posted 02/13/2012  9:37 pm  Show Profile Bookmark this reply Add augsburger to your friends list Get a Link to this Reply
The guy made 14 million coins and earned only £300,000. So he's making 2p per coin. Crazy.
Anaximander
Valued Member
United Kingdom
173 Posts
 Posted 02/20/2012  3:47 pm  Show Profile Bookmark this reply Add Anaximander to your friends list Get a Link to this Reply
They get into circulation by selling them in small amounts to individuals, who will then use them. For example, a small trader might be offered £100 worth of dodgy coins for say £60. He/she then feeds them into their business and hands them out in change to customers.
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