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Surge in number of fake pound coins -- Alarm at the Royal Mint as one in every 40 is found to be counterfeit



 
 
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  #1  
Old January 29th 09, 03:41 AM posted to rec.collecting.coins
Arizona Coin Collector
external usenet poster
 
Posts: 1,199
Default Surge in number of fake pound coins -- Alarm at the Royal Mint as one in every 40 is found to be counterfeit

FROM:
http://www.independent.co.uk/news/uk...s-1519082.html

Surge in number of fake pound coins

Alarm at the Royal Mint as one in every 40 is found to be counterfeit

By Martin Hickman, Consumer Affairs Correspondent
Thursday, 29 January 2009

Criminal gangs have dramatically increased their
output of counterfeit £1 coins in the past year,
pumping millions of fakes into the economy and
threatening to undermine public confidence in the
money supply.

Sampling by the Royal Mint of coins in circulation
across Britain has found that the number in
circulation rose by 27 per cent during 2008,
raising the amount of sham coinage to £37.5m - or
one £1 coin in every 40 - the highest since the
coin was introduced in 1983.

In 2002, one in 100 £1 coins was a worthless fake
and in 2007 one in 50. Royal Mint officials are
considering launching a public information campaign
to warn the public how to spot the fakes.

Technically any person handing one over is breaking
the law, meaning that millions of people are
unwittingly committing a crime every year, but many
of the fakes closely reproduce the metallic compound
used by the Royal Mint, making them hard to detect
by bank counting machines.

The rise in forgeries, revealed in documents
obtained by The Independent, prompted a warning
from an expert that their prevalence could undermine
confidence in the money supply.

"If the public starts losing confidence in coins
and notes, you get people refusing to take them,"
said Robert Matthews, who retired as Chief Assayer
of the Royal Mint in 2002. "It could damage a lot
of small shopkeepers doing lots of small transactions."

The latest results suggest many people encounter
bogus cash weekly, or daily if they handle money
in a shop, pub, café or other business.

The Mint checked 15,481 coins supplied by banks
and post offices at 31 places across the UK in
October and November 2008. On average, the
proportion of fake £1 coins since November and
December 2007 rose from 2.06 per cent to
2.58 per cent.

There were much higher levels of fakes in Northern
Ireland (3.6 per cent) and London and the South-east
(2.97 per cent). They were lowest in the North-west.
Concerned officials at the Royal Mint have opened
talks with the Treasury and the police on the
problem. Bank and building society tellers may be
given specialist training.

Mint officials are also talking to vending operators
about whether they need to tighten their mechanisms
so they reject more coins, which could mean more
frustration for those trying to buy parking
tickets, drinks or cigarettes.

Martin Cragg, Royal Mint head of corporate affairs,
said: "A number of measures are being undertaken
by the Royal Mint with third parties to combat
counterfeiting, including HM Treasury, the banks,
vending operators and law-enforcement agencies.

"In particular, we are considering whether it
would be appropriate and helpful to issue further
publicity material which may assist the public
and others to identify counterfeit coins."

Little is known about the counterfeiters - few
have been caught in recent years. One theory is
that blank coins from Italy and eastern Europe
are "headed and tailed" by lower-level
criminals in the UK.


...


Ads
  #2  
Old January 29th 09, 04:34 AM posted to rec.collecting.coins
Michael G. Koerner
external usenet poster
 
Posts: 407
Default Surge in number of fake pound coins -- Alarm at the Royal Mintas one in every 40 is found to be counterfeit

Arizona Coin Collector wrote:
FROM:
http://www.independent.co.uk/news/uk...s-1519082.html

Surge in number of fake pound coins

Alarm at the Royal Mint as one in every 40 is found to be counterfeit

By Martin Hickman, Consumer Affairs Correspondent
Thursday, 29 January 2009

Criminal gangs have dramatically increased their
output of counterfeit £1 coins in the past year,
pumping millions of fakes into the economy and
threatening to undermine public confidence in the
money supply.

Sampling by the Royal Mint of coins in circulation
across Britain has found that the number in
circulation rose by 27 per cent during 2008,
raising the amount of sham coinage to £37.5m - or
one £1 coin in every 40 - the highest since the
coin was introduced in 1983.


[major snippage]

Short of the UK potentially soon going with the Euro, me thinks that the time
has come for the Royal Mint to change the composition of the £1. If it is
really THAT bad (1:40 is now fake), I'd seriously consider not accepting £1
coins at all if I were a British shop keeper. Ditto in change as an average
consumer.

Would a USA-style clad style work?

--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________
  #3  
Old January 29th 09, 04:47 AM posted to rec.collecting.coins
Arizona Coin Collector
external usenet poster
 
Posts: 1,199
Default Surge in number of fake pound coins -- Alarm at the Royal Mint as one in every 40 is found to be counterfeit


"Michael G. Koerner" wrote in message
...

Arizona Coin Collector wrote:
FROM:
http://www.independent.co.uk/news/uk...s-1519082.html

Surge in number of fake pound coins

Alarm at the Royal Mint as one in every 40 is found to be counterfeit

By Martin Hickman, Consumer Affairs Correspondent
Thursday, 29 January 2009

Criminal gangs have dramatically increased their
output of counterfeit £1 coins in the past year,
pumping millions of fakes into the economy and
threatening to undermine public confidence in the
money supply.

Sampling by the Royal Mint of coins in circulation
across Britain has found that the number in
circulation rose by 27 per cent during 2008,
raising the amount of sham coinage to £37.5m - or
one £1 coin in every 40 - the highest since the
coin was introduced in 1983.


[major snippage]

Short of the UK potentially soon going with the Euro, me thinks that the
time
has come for the Royal Mint to change the composition of the £1. If it is
really THAT bad (1:40 is now fake), I'd seriously consider not accepting £1
coins at all if I were a British shop keeper. Ditto in change as an average
consumer.

Would a USA-style clad style work?

--
___________________________________________ ____
_______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | |
_______________


Hello

I was curious if the counterfeit coin problem exist
due to how the coins are made, or the ease of the
raw material that counterfeiters can get? Changing
the coin specification, and making sure the raw
material to make the coins can only be made and
sold to the Royal Mint.

...


  #4  
Old January 29th 09, 08:16 AM posted to rec.collecting.coins
Michael G. Koerner
external usenet poster
 
Posts: 407
Default Surge in number of fake pound coins -- Alarm at the Royal Mintas one in every 40 is found to be counterfeit

Arizona Coin Collector wrote:
"Michael G. Koerner" wrote in message
...

Arizona Coin Collector wrote:
FROM:
http://www.independent.co.uk/news/uk...s-1519082.html

Surge in number of fake pound coins

Alarm at the Royal Mint as one in every 40 is found to be counterfeit

By Martin Hickman, Consumer Affairs Correspondent
Thursday, 29 January 2009

Criminal gangs have dramatically increased their
output of counterfeit £1 coins in the past year,
pumping millions of fakes into the economy and
threatening to undermine public confidence in the
money supply.

Sampling by the Royal Mint of coins in circulation
across Britain has found that the number in
circulation rose by 27 per cent during 2008,
raising the amount of sham coinage to £37.5m - or
one £1 coin in every 40 - the highest since the
coin was introduced in 1983.


[major snippage]

Short of the UK potentially soon going with the Euro, me thinks that the
time
has come for the Royal Mint to change the composition of the £1. If it is
really THAT bad (1:40 is now fake), I'd seriously consider not accepting £1
coins at all if I were a British shop keeper. Ditto in change as an average
consumer.

Would a USA-style clad style work?


------------------

Hello

I was curious if the counterfeit coin problem exist
due to how the coins are made, or the ease of the
raw material that counterfeiters can get? Changing
the coin specification, and making sure the raw
material to make the coins can only be made and
sold to the Royal Mint.


British £1 coins are about the same diameter, but with about twice the
thickness, of a USA/Canada/Euro 5¢ coin and are made out of a sort of
pea-greenish solid metal alloy.

Just holding a real one in my hand (and I have gotten a couple of them over
the years), I can't help but notice that they have a look and feel that tells
me that they would be a fairly easy coin to fake. Just having the Royal Mint
change their metal to a USA-style clad composition, perhaps using the same
alloys and clad layers as USA Sacs/Prezzies, while leaving everything else
about them (diameter/thickness/reeding/edge lettering/obverse and reverse
designs) as they are now would, IMHO, substantially improve their security.

I almost NEVER hear of any problems with counterfeit USA clad coins, including
the various $1s.

--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________
  #5  
Old January 29th 09, 11:24 AM posted to rec.collecting.coins
note.boy
external usenet poster
 
Posts: 2,418
Default Surge in number of fake pound coins -- Alarm at the Royal Mint as one in every 40 is found to be counterfeit

Perhaps a bi-metallic £1 coin is now called for but it may be too expensive
for a coin with a low face value.

The recent total redesign was a chance to come up with a bi-metallic £1
coin. Billy


"Arizona Coin Collector" wrote in message
m...
FROM:
http://www.independent.co.uk/news/uk...s-1519082.html

Surge in number of fake pound coins

Alarm at the Royal Mint as one in every 40 is found to be counterfeit

By Martin Hickman, Consumer Affairs Correspondent
Thursday, 29 January 2009

Criminal gangs have dramatically increased their
output of counterfeit £1 coins in the past year,
pumping millions of fakes into the economy and
threatening to undermine public confidence in the
money supply.

Sampling by the Royal Mint of coins in circulation
across Britain has found that the number in
circulation rose by 27 per cent during 2008,
raising the amount of sham coinage to £37.5m - or
one £1 coin in every 40 - the highest since the
coin was introduced in 1983.

In 2002, one in 100 £1 coins was a worthless fake
and in 2007 one in 50. Royal Mint officials are
considering launching a public information campaign
to warn the public how to spot the fakes.

Technically any person handing one over is breaking
the law, meaning that millions of people are
unwittingly committing a crime every year, but many
of the fakes closely reproduce the metallic compound
used by the Royal Mint, making them hard to detect
by bank counting machines.

The rise in forgeries, revealed in documents
obtained by The Independent, prompted a warning
from an expert that their prevalence could undermine
confidence in the money supply.

"If the public starts losing confidence in coins
and notes, you get people refusing to take them,"
said Robert Matthews, who retired as Chief Assayer
of the Royal Mint in 2002. "It could damage a lot
of small shopkeepers doing lots of small transactions."

The latest results suggest many people encounter
bogus cash weekly, or daily if they handle money
in a shop, pub, café or other business.

The Mint checked 15,481 coins supplied by banks
and post offices at 31 places across the UK in
October and November 2008. On average, the
proportion of fake £1 coins since November and
December 2007 rose from 2.06 per cent to
2.58 per cent.

There were much higher levels of fakes in Northern
Ireland (3.6 per cent) and London and the South-east
(2.97 per cent). They were lowest in the North-west.
Concerned officials at the Royal Mint have opened
talks with the Treasury and the police on the
problem. Bank and building society tellers may be
given specialist training.

Mint officials are also talking to vending operators
about whether they need to tighten their mechanisms
so they reject more coins, which could mean more
frustration for those trying to buy parking
tickets, drinks or cigarettes.

Martin Cragg, Royal Mint head of corporate affairs,
said: "A number of measures are being undertaken
by the Royal Mint with third parties to combat
counterfeiting, including HM Treasury, the banks,
vending operators and law-enforcement agencies.

"In particular, we are considering whether it
would be appropriate and helpful to issue further
publicity material which may assist the public
and others to identify counterfeit coins."

Little is known about the counterfeiters - few
have been caught in recent years. One theory is
that blank coins from Italy and eastern Europe
are "headed and tailed" by lower-level
criminals in the UK.


..



  #6  
Old January 29th 09, 11:27 AM posted to rec.collecting.coins
note.boy
external usenet poster
 
Posts: 2,418
Default Surge in number of fake pound coins -- Alarm at the Royal Mint as one in every 40 is found to be counterfeit


"Arizona Coin Collector" wrote in message
m...

"Michael G. Koerner" wrote in message
...

Arizona Coin Collector wrote:
FROM:
http://www.independent.co.uk/news/uk...s-1519082.html

Surge in number of fake pound coins

Alarm at the Royal Mint as one in every 40 is found to be counterfeit

By Martin Hickman, Consumer Affairs Correspondent
Thursday, 29 January 2009

Criminal gangs have dramatically increased their
output of counterfeit £1 coins in the past year,
pumping millions of fakes into the economy and
threatening to undermine public confidence in the
money supply.

Sampling by the Royal Mint of coins in circulation
across Britain has found that the number in
circulation rose by 27 per cent during 2008,
raising the amount of sham coinage to £37.5m - or
one £1 coin in every 40 - the highest since the
coin was introduced in 1983.


[major snippage]

Short of the UK potentially soon going with the Euro, me thinks that the
time
has come for the Royal Mint to change the composition of the £1. If it is
really THAT bad (1:40 is now fake), I'd seriously consider not accepting
£1
coins at all if I were a British shop keeper. Ditto in change as an
average
consumer.

Would a USA-style clad style work?

--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise
again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | |
_______________


Hello

I was curious if the counterfeit coin problem exist
due to how the coins are made, or the ease of the
raw material that counterfeiters can get? Changing
the coin specification, and making sure the raw
material to make the coins can only be made and
sold to the Royal Mint.

..



Many fakes are made from a lead like metal with a gold coloured coating that
can be easily scraped off, they are low tech. Billy


  #7  
Old January 29th 09, 11:31 PM posted to rec.collecting.coins
Padraic Brown
external usenet poster
 
Posts: 491
Default Surge in number of fake pound coins -- Alarm at the Royal Mint as one in every 40 is found to be counterfeit

On Thu, 29 Jan 2009 01:16:50 -0600, "Michael G. Koerner"
wrote:

I almost NEVER hear of any problems with counterfeit USA clad coins, including
the various $1s.


They are counterfeited -- the end result that I've seen is a brass
slug with OK design elements. No hint of even trying to get the
cladding right. Otherwise a little thinner and lighter than a real
coin and sounds rather different. I guess they figured (at the time)
that the things were new enough no one would really notice. Now with
everyone looking at the edges for errors, I'm sure the lack of
cladding would be noticed.

Padraic
  #8  
Old January 30th 09, 02:09 AM posted to rec.collecting.coins
Jud
external usenet poster
 
Posts: 1,215
Default Surge in number of fake pound coins -- Alarm at the Royal Mint asone in every 40 is found to be counterfeit



Arizona Coin Collector wrote:

I was curious if the counterfeit coin problem exist
due to how the coins are made, or the ease of the
raw material that counterfeiters can get? Changing
the coin specification, and making sure the raw
material to make the coins can only be made and
sold to the Royal Mint.

An interesting thing happend a few years ago with the New Zealand $2
coins. The specifications were sent to the BRM and they made the coins
from 1990-1996. The South African mint came in with a lower bid in
1997, and the contract was awarded to them, using the same
specifications. However, not long afterwards, there seemed to be a
problem with vending machines (slot machines IIRC) accepting the South
African made coins. As it turns out, it was the electronic signature.
Now, this is the weird part...the fault was not with the South African
Mint, they made the coins to specs...it was the BRM that screwed it
up. Long story short, most of the 1997 NZ$2 were returned to the South
African Mint (at THEIR expense). This caused a shortage of this date/
denomination. The NZ$2 coins are again being minted by the BRM, using
the wrong specs, but consistent with the 1990-1996 issues.
  #9  
Old January 30th 09, 02:14 AM posted to rec.collecting.coins
Matthew Brealey
external usenet poster
 
Posts: 42
Default Surge in number of fake pound coins -- Alarm at the Royal Mint asone in every 40 is found to be counterfeit

On 29 Jan, 03:34, "Michael G. Koerner" wrote:
Arizona Coin Collector wrote:
[major snippage]

Short of the UK potentially soon going with the Euro, me thinks that the time
has come for the Royal Mint to change the composition of the £1. *If it is
really THAT bad (1:40 is now fake), I'd seriously consider not accepting £1
coins at all if I were a British shop keeper. *Ditto in change as an average
consumer.


The shopkeepers have no idea that the problem exists. I put £10 into a
change machine in an arcade and got out 10 £1 coins. I then put one of
the self-same coins in the machine to change into 50p's. It rejected
it. Obviouly the machine had been loaded inadvertently with a fake
coin. I went to the assistant and told her I got a fake coin from her
machine. She looked a bit suspicious and clearly didn't know £1s were
faked. She replaced my coin anyway.

Most fakes are not accepted by vending machines. I used to think it
was the machine's fault, but then I realised they were fakes, you
could see the poor quality quite easily.
  #10  
Old January 30th 09, 06:55 AM posted to rec.collecting.coins
pks
external usenet poster
 
Posts: 1
Default Surge in number of fake pound coins -- Alarm at the Royal Mint asone in every 40 is found to be counterfeit

On Jan 29, 3:24*pm, "note.boy" wrote:
Perhaps a bi-metallic £1 coin is now called for but it may be too expensive
for a coin with a low face value.

The recent total redesign was a chance to come up with a bi-metallic £1
coin. *Billy

"Arizona Coin Collector" wrote in messagenews:1sadnQUiJfTDihzUnZ2dnUVZ_qninZ2d@earth link.com...



FROM:
http://www.independent.co.uk/news/uk...ber-of-fake-po...


Surge in number of fake pound coins


Alarm at the Royal Mint as one in every 40 is found to be counterfeit


By Martin Hickman, Consumer Affairs Correspondent
Thursday, 29 January 2009


Criminal gangs have dramatically increased their
output of counterfeit £1 coins in the past year,
pumping millions of fakes into the economy and
threatening to undermine public confidence in the
money supply.


Sampling by the Royal Mint of coins in circulation
across Britain has found that the number in
circulation rose by 27 per cent during 2008,
raising the amount of sham coinage to £37.5m - or
one £1 coin in every 40 - the highest since the
coin was introduced in 1983.


In 2002, one in 100 £1 coins was a worthless fake
and in 2007 one in 50. Royal Mint officials are
considering launching a public information campaign
to warn the public how to spot the fakes.


Technically any person handing one over is breaking
the law, meaning that millions of people are
unwittingly committing a crime every year, but many
of the fakes closely reproduce the metallic compound
used by the Royal Mint, making them hard to detect
by bank counting machines.


The rise in forgeries, revealed in documents
obtained by The Independent, prompted a warning
from an expert that their prevalence could undermine
confidence in the money supply.


"If the public starts losing confidence in coins
and notes, you get people refusing to take them,"
said Robert Matthews, who retired as Chief Assayer
of the Royal Mint in 2002. "It could damage a lot
of small shopkeepers doing lots of small transactions."


The latest results suggest many people encounter
bogus cash weekly, or daily if they handle money
in a shop, pub, café or other business.


The Mint checked 15,481 coins supplied by banks
and post offices at 31 places across the UK in
October and November 2008. On average, the
proportion of fake £1 coins since November and
December 2007 rose from 2.06 per cent to
2.58 per cent.


There were much higher levels of fakes in Northern
Ireland (3.6 per cent) and London and the South-east
(2.97 per cent). They were lowest in the North-west.
Concerned officials at the Royal Mint have opened
talks with the Treasury and the police on the
problem. Bank and building society tellers may be
given specialist training.


Mint officials are also talking to vending operators
about whether they need to tighten their mechanisms
so they reject more coins, which could mean more
frustration for those trying to buy parking
tickets, drinks or cigarettes.


Martin Cragg, Royal Mint head of corporate affairs,
said: "A number of measures are being undertaken
by the Royal Mint with third parties to combat
counterfeiting, including HM Treasury, the banks,
vending operators and law-enforcement agencies.


"In particular, we are considering whether it
would be appropriate and helpful to issue further
publicity material which may assist the public
and others to identify counterfeit coins."


Little is known about the counterfeiters - few
have been caught in recent years. One theory is
that blank coins from Italy and eastern Europe
are "headed and tailed" by lower-level
criminals in the UK.


..- Hide quoted text -


- Show quoted text -


What makes you think that bimetallic fakes are not difficult to make.
I have seen couple of good bimetallic fakes of Euro, Potuguese Escudo
and Morroco Dinars in Italy.

PKS
 




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