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#1
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Fake pound coins
I see so many these days, I get handed them every other day and find
them in my till most days, somtimes I have found as many as seven in a day, I often get either denile that they are fake or denile that such things exist, how about a free and downloadable poster warning of fake pound coins in order to raise awareness? would that be a good idea? |
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#3
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Fake pound coins
"Padraic Brown" wrote in message news On Wed, 13 Jun 2007 15:52:26 -0700, wrote: I see so many these days, I get handed them every other day and find them in my till most days, somtimes I have found as many as seven in a day, I often get either denile that they are fake or denile that such things exist, how about a free and downloadable poster warning of fake pound coins in order to raise awareness? would that be a good idea? I don't know, but I _do_ wonder how much it will take for Brits to mistrust their pound coins enough to refuse them. I've heard of these things for years, and I think I have one. Padraic -- I have about 60 Dale |
#4
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Fake pound coins
On Jun 13, 6:52 pm, wrote:
I see so many these days, I get handed them every other day and find them in my till most days, somtimes I have found as many as seven in a day, I often get either denile that they are fake or denile that such things exist, how about a free and downloadable poster warning of fake pound coins in order to raise awareness? would that be a good idea? I thought you might find this site usefull, some of the stats and such are very interesting. Hope you find it helpful. Best regards, Ray http://www.coinauthentication.co.uk/poundfiles.html |
#5
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Fake pound coins
I`m sorry I should have added this info as well. I hope members find
the site useful and informative. Best Regards, Ray The number of counterfeit British one-pound coins withdrawn from circulation remains low The British Royal Mint released to the editor the annual number of one- pound counterfeit coins withdrawn by the banks over the last five years. These figures shown no significant increase in withdrawals since Royal Mint surveys in 2002 and 2003 showed that just less than 1 per cent of circulating one-pound coins were counterfeit. Year No. counterfeit coins withdrawn* 2001: 162,000 2002: 81,500 2003: 133,000 2004: 135,000 2005: 86,500 [*This is, "the number of one-pound coins declared as counterfeit by the banks and returned to the Royal Mint". It traditionally includes any counterfeits seized by the police and sent to the Royal Mint for destruction. This figure does not include counterfeits included with worn and damaged coins sent to the Royal Mint by the banks for recycling.] The average withdrawal rate over the five-year period is 119,600. In December 2004 1,410 million one-pound coins had been issued into circulation. One per cent of counterfeit coins in circulation means about 14 million counterfeits. At the current withdrawal rate it would take more than 120 years to remove the current counterfeits from circulation. It would appear that the banks and coin handlers are failing to meet the challenge being presented to them by the counterfeiters. http://www.coinauthentication.co.uk/newsletter6.html |
#6
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Fake pound coins
On 14 Jun, 05:04, RayCanada wrote:
I`m sorry I should have added this info as well. I hope members find the site useful and informative. Best Regards, Ray The number of counterfeit British one-pound coins withdrawn from circulation remains low The British Royal Mint released to the editor the annual number of one- pound counterfeit coins withdrawn by the banks over the last five years. These figures shown no significant increase in withdrawals since Royal Mint surveys in 2002 and 2003 showed that just less than 1 per cent of circulating one-pound coins were counterfeit. Year No. counterfeit coins withdrawn* 2001: 162,000 2002: 81,500 2003: 133,000 2004: 135,000 2005: 86,500 [*This is, "the number of one-pound coins declared as counterfeit by the banks and returned to the Royal Mint". It traditionally includes any counterfeits seized by the police and sent to the Royal Mint for destruction. This figure does not include counterfeits included with worn and damaged coins sent to the Royal Mint by the banks for recycling.] The average withdrawal rate over the five-year period is 119,600. In December 2004 1,410 million one-pound coins had been issued into circulation. One per cent of counterfeit coins in circulation means about 14 million counterfeits. At the current withdrawal rate it would take more than 120 years to remove the current counterfeits from circulation. It would appear that the banks and coin handlers are failing to meet the challenge being presented to them by the counterfeiters. http://www.coinauthentication.co.uk/newsletter6.html Obviously too many are getting by, and if its so little publicized people are refusing they exist, then I think it would be great if the Royal Mint or Bank of England or even a third party created a poster that retailers could download and print out. |
#7
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Fake pound coins
What I mean to say it, 1% of coins being fake I would say is probably
wrong, I would say every other bag of coins I open (some of which are sealed bags) contains a fake, I would guess that there are more like 2.5% of fake £1 coins. £2 pound coin fakes I have not seen for a long time, but as all the ones I saw were Lead, it was easy to convince people they were fake, by scratching them up good with my keys, which is something I always do with fake lead £1 coins when I am handed one, but I rarely come across those. |
#8
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Fake pound coins
On Wed, 13 Jun 2007 18:48:52 -0500, "Dale Hallmark" dalehall at
cableone.net wrote: "Padraic Brown" wrote in message news On Wed, 13 Jun 2007 15:52:26 -0700, wrote: I see so many these days, I get handed them every other day and find them in my till most days, somtimes I have found as many as seven in a day, I often get either denile that they are fake or denile that such things exist, how about a free and downloadable poster warning of fake pound coins in order to raise awareness? would that be a good idea? I don't know, but I _do_ wonder how much it will take for Brits to mistrust their pound coins enough to refuse them. I've heard of these things for years, and I think I have one. Padraic -- I have about 60 What makes the things so easy to fake? It sounds like Britain is awash in fake pound coins! Do people just accept that there's a good likelihood that they're going to receive fakes in change and simply pass em on as part of the day's transactions? I've received exactly _one_ counterfeit US coin in 15 or 20 years of using and being aware of coins. I realise that pound coins are a valuable target (what, about $2 each), but it just seems like the UK government isn't doing anything about it. You'd think that they'd redesign the things or use a different metal or a bimetal composition of some sort -- anything to make one of the premier currencies of the world harder to fake. Padraic Dale -- Posted via a free Usenet account from http://www.teranews.com |
#9
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Fake pound coins
I'm not sure but the problem seems to be a growing one, I have been
following it over the past few years and the one pound coins seem to be growing in the proportion of forgery's and variety's. I suspect there are a few factors at play, organised crime can make a tidy profit off of them, they are also getting more sophisticated as well. I also think the one way they are making it into circulation is through clubs,pubs and such places with high turnover,where people may not have the time to check their change closely. To me it's a fascinating problem and is all most another part of Englands history from the days of clipping coins to forging coppers, though the penalty's are not as steep maybe the have to go back to the days of having people drawn and quartered, then hung to deter the problem, though I do agree if you are on the receiving end of allot of this coinage it's not a good thing. A poster of some sort could be useful, though one might have trouble keeping it up to date as the forgery's seem to be changing more often now than they were a few years ago. I'm also not sure why the Banks have such trouble with removing them from circulation, maybe someone in the U.K. could shed some light on that aspect of things. Best Regards, Ray |
#10
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Fake pound coins
I have to agree that they are in abundance. I think the issue is that
generally only collectors look at their change, shopkeepers do not check coinage, and therefore the counterfeits get readily circulated. The coins do not wear well in circulation and a high percentage are very worn making detcetion of counterfeits even more difficult. I know the latest designs were intended to overcome this issue, but alas they are also wearing rapidly. The pound coin is a popular coin, and is a very handy coin in that it is small but still retains purchase power and is used for many smaller transactions, so they are passing hands regularly. I used to own a fruit machine, and it was at this time that I discovered just how many fakes were about. The machine used to reject them regularly, and then once you had a closer look the fakes were readily identifiable. Usually the best indicator is the poor edge lettering, and the uneven reeding to the edges. You have to wonder if the government are that concerned, at the end of the day the coin still repeatedly gains them tax while its doing the rounds, fake or not!!! Colin G. wrote in message oups.com... I see so many these days, I get handed them every other day and find them in my till most days, somtimes I have found as many as seven in a day, I often get either denile that they are fake or denile that such things exist, how about a free and downloadable poster warning of fake pound coins in order to raise awareness? would that be a good idea? |
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