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Posted 05/26/2010 6:59 pm
Interesting - surprising it even puzzles the guy at the mint!
Def worth hanging onto though - lots of people collect contemporary fakes and I bet this one would interest many of them.
Molydeii, I too had no idea so many fake Euros were out there! I think I read somewhere official figures set it at about 0.5% - Is that about right?
Or are the Euro countries doing what the UK are doing and underestimating hugely on the numbers out there and just ignoring the problem?
Just found this - Interesting, had to C+P it as the original article rambled on a lot. Its about the UK £1 vs SA 5 Rand in 2004.
So basically since the article was written in 2004 the Mint have done nothing and we now have fakes at a rate of 4% (conservative est), 5-10% in hotspot areas.
The way they say:
This really ****** me off - why is it always the 'man in the street' who gets the finger pointed at him? I didn't make these fakes so why should I loose out because The Royal Mint continues to produce poor quality (all the bridge £s and the 96? Football £2 are a joke quality wise) coins that change so often most people have no clue what is good and what is fake.
We must have what..... 30 different £1 designs and 25 £2s?
The RM is more interested in making stupid tokens and commemoratives to sell at inflated prices to people who think they will be worth more than they paid for them - BTW, this wont happen, so much of this junk is now floating around they will never be worth more than melt or face value!
Check these current 'gems' out from the RM website:
'The UK £5 Sir Winston Churchill' 'Be the first to celebrate Churchill's courage' - cost £19.95 - worth £5, Its not even silver!
http://www.royalmint.com/store/Brit...mallCurchill
'Everyone loves to bestow a special gift on a newborn baby' A silver 1p - Cost £14.95 - worth about £1.34!
http://www.royalmint.com/store/Brit...PAG10BM.aspx
And the best of all:
'UK 2010 £1 Presentation Folder' Cost £12.95 - worth 'Gasp!' 2x£1 = £2
http://www.royalmint.com/store/Brit.../UK10BP.aspx
If the RM said to the public they would pay them £1.50 for every fake them we could pull the fakes out for them, in a matter of months! - and make a bit of cash in the process. Would be a bit like hunting for silver in US coins.
Please stop making this tat and fix the fake problem RM.
Rant - over
Def worth hanging onto though - lots of people collect contemporary fakes and I bet this one would interest many of them.
Molydeii, I too had no idea so many fake Euros were out there! I think I read somewhere official figures set it at about 0.5% - Is that about right?
Or are the Euro countries doing what the UK are doing and underestimating hugely on the numbers out there and just ignoring the problem?
Just found this - Interesting, had to C+P it as the original article rambled on a lot. Its about the UK £1 vs SA 5 Rand in 2004.
Quote:
The last time sampling test results were released was in 2003 when the number of forged pounds coins was estimated to be 1 per cent.
The BBC said it means that one in every 50 pound coins in circulation is counterfeit.
Robert Matthews, formerly the Queen's Assay Master until he retired to become a coin consultant four years ago, said confidence in coins collapsed in other countries when forgery rates reached similar levels.
He told the broadcaster: "In 2004, people started refusing to take the South African 5 Rand coin due to concerns about the number of counterfeits, and eventually the coin had to be redesigned and re-circulated.
"Independent surveys showed the number of counterfeits to be 2 per cent - the same as we've got here - and I'm worried that if we're not careful the same thing will happen to the pound coin."
In a statement, The Royal Mint said: "We track the counterfeit rate through regular surveys in the spring and autumn every year. The survey consists of taking a random sample of coins from across the country, and subjecting them to individual analytical inspection.
"It is a criminal offence to make or use counterfeited coins. Any member of the public who suspects they have a counterfeited coin should not attempt to spend it."
The BBC says that experts test for forgeries by studying lettering and the cross on the edge of the coin, whether the Queen's head is orientated the same way as the image on the reverse, and whether the marking is centred on the face.
The last time sampling test results were released was in 2003 when the number of forged pounds coins was estimated to be 1 per cent.
The BBC said it means that one in every 50 pound coins in circulation is counterfeit.
Robert Matthews, formerly the Queen's Assay Master until he retired to become a coin consultant four years ago, said confidence in coins collapsed in other countries when forgery rates reached similar levels.
He told the broadcaster: "In 2004, people started refusing to take the South African 5 Rand coin due to concerns about the number of counterfeits, and eventually the coin had to be redesigned and re-circulated.
"Independent surveys showed the number of counterfeits to be 2 per cent - the same as we've got here - and I'm worried that if we're not careful the same thing will happen to the pound coin."
In a statement, The Royal Mint said: "We track the counterfeit rate through regular surveys in the spring and autumn every year. The survey consists of taking a random sample of coins from across the country, and subjecting them to individual analytical inspection.
"It is a criminal offence to make or use counterfeited coins. Any member of the public who suspects they have a counterfeited coin should not attempt to spend it."
The BBC says that experts test for forgeries by studying lettering and the cross on the edge of the coin, whether the Queen's head is orientated the same way as the image on the reverse, and whether the marking is centred on the face.
So basically since the article was written in 2004 the Mint have done nothing and we now have fakes at a rate of 4% (conservative est), 5-10% in hotspot areas.
The way they say:
Quote:
It is a criminal offence to make or USE counterfeited coins.
It is a criminal offence to make or USE counterfeited coins.
This really ****** me off - why is it always the 'man in the street' who gets the finger pointed at him? I didn't make these fakes so why should I loose out because The Royal Mint continues to produce poor quality (all the bridge £s and the 96? Football £2 are a joke quality wise) coins that change so often most people have no clue what is good and what is fake.
We must have what..... 30 different £1 designs and 25 £2s?
The RM is more interested in making stupid tokens and commemoratives to sell at inflated prices to people who think they will be worth more than they paid for them - BTW, this wont happen, so much of this junk is now floating around they will never be worth more than melt or face value!
Check these current 'gems' out from the RM website:
'The UK £5 Sir Winston Churchill' 'Be the first to celebrate Churchill's courage' - cost £19.95 - worth £5, Its not even silver!
http://www.royalmint.com/store/Brit...mallCurchill
'Everyone loves to bestow a special gift on a newborn baby' A silver 1p - Cost £14.95 - worth about £1.34!
http://www.royalmint.com/store/Brit...PAG10BM.aspx
And the best of all:
'UK 2010 £1 Presentation Folder' Cost £12.95 - worth 'Gasp!' 2x£1 = £2
http://www.royalmint.com/store/Brit.../UK10BP.aspx
If the RM said to the public they would pay them £1.50 for every fake them we could pull the fakes out for them, in a matter of months! - and make a bit of cash in the process. Would be a bit like hunting for silver in US coins.
Please stop making this tat and fix the fake problem RM.
Rant - over
Edited by bobbyhelmet
05/26/2010 10:46 pm
05/26/2010 10:46 pm
