Fake £1 coin estimate 'doubled'
Arizona Coin Collector
There is a nice video on the link below.
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FROM:
http://news.bbc.co.uk/2/hi/uk_news/7988001.stm
Fake �1 coin estimate 'doubled'
By Ben Ando
Crime correspondent, BBC News
Page last updated at 11:41 GMT, Wednesday, 8 April 2009 12:41 UK
The number of fake pound coins in circulation may
be twice Royal Mint estimates, the BBC has learned.
Official figures suggest around 2.5% - or one in
40 - are copies, but coin testing companies say
it is one in 20.
Andy Brown of Willings, a firm which makes machines
to check coins for other businesses and organisations,
says there could be 73 million fake coins.
The Royal Mint says it takes fraud extremely seriously
and that it surveys the counterfeit rate every six months.
Wide of mark
Mr Brown said car parking firms, vending machine
operators, local councils and even banks have sent
their coins to Willings to be checked.
He said: "We would estimate that as many as 5% of
coins we test are fakes.
"We've been collating them for the past four months
or so, and already have a collection of several
hundred."
The figures quoted by the Royal Mint were wide of
the mark, he added.
Former Queen's Assay Master Robert Matthews - a
leading authority on fake coins - is also worried.
He said: "The Mint is really trying to play down
the problem and keep it as low-key as possible.
"They've not produced any publicity material for
banks etc to tell us how to differentiate between
real and fake coins.
"They don't want to undermine public confidence
in the coins, you might get people refusing to
take them."
Although it says little in public, the Royal Mint
is taking action - testing far more coins than before.
It redoubled its efforts last September after the
BBC revealed around one in 50 pound coins was fake.
In the last quarter of 2008 the Mint removed
270,000 fake pound coins from circulation compared
to 97,000 for the whole of the previous year.
'No regulation'
The problem is that finding the fakes is not in
anyone's interests.
As soon as a coin accepted in good faith is found
to be counterfeit, it is immediately rendered
worthless - and in addition attempting to pass it
on is an offence.
Mr Brown said: "Provided the coins are just being
accepted and passed through the system nobody cares.
It's only when people start rejecting the coins
that people come to us."
Not surprisingly, it is local authorities and the
post office, rather than private individuals or
small businesses, who are working hardest to
identify the fakes - even if that means taking a
financial hit.
(IMAGE OF REAL AND FAKE COINS)
http://newsimg.bbc.co.uk/media/images/45643000/jpg/_45643494_poundcoin.jpg
A fake pound coin (right) alongside
the real thing
The aim for those dealing with coin-operated machines
is to find mechanisms that will reject even the best
forgeries.
Mr Brown said: "We've been working for the last six
months to create a new data file for our machines
to detect fake coins.
"We can manage a 50-60% detection rate while the
machines being used by the Royal Mint can only pick
up around 30-40%."
That means even when fake coins do pass through
security checks at accredited cash centres, two
thirds will come right back into circulation.
'Better detection'
Mr Brown believes the Royal Mint's official figures
on the number of fake coins will continue to rise.
"Their percentage will go up as they get better at
detecting fakes," he said.
The Royal Mint inspects a random sample of coins
from across the country to establish the twice-yearly
official rate.
A spokesman said the Mint was working with
organisations such as the Post Office, banks, the
vending industry and law enforcement agencies to
try to limit the supply of fake �1 coins in
circulation.
"We are concerned at the apparent upward trend,"
added the spokesman.
Mr Matthews, meanwhile, says there is no regulation
and thinks it is time the government took ownership
of the problem.
He said: "There's a whole raft of organisations who
should have been tackling this who haven't been
tackling it.
"It's like a game of pass the parcel. In the final
analysis it's the Treasury who should be dealing with
this - and checking the work of the cash centres."
And for the rest of us? Finding a fake coin can be
done by hand - just check the rim inscription for
authenticity, or check the Queen's head on one side
and the pattern on the reverse line up.
But given that fake coins are worthless, you will
almost certainly be better off not even looking.
..
Michael G. Koerner
> Hello
>
> There is a nice video on the link below.
>
> --------------------------------------------------
>
> FROM:
> http://news.bbc.co.uk/2/hi/uk_news/7988001.stm
>
> Fake £1 coin estimate 'doubled'
>
> By Ben Ando
> Crime correspondent, BBC News
> Page last updated at 11:41 GMT, Wednesday, 8 April 2009 12:41 UK
>
> The number of fake pound coins in circulation may
> be twice Royal Mint estimates, the BBC has learned.
>
> Official figures suggest around 2.5% - or one in
> 40 - are copies, but coin testing companies say
> it is one in 20.
>
> Andy Brown of Willings, a firm which makes machines
> to check coins for other businesses and organisations,
> says there could be 73 million fake coins.
>
> The Royal Mint says it takes fraud extremely seriously
> and that it surveys the counterfeit rate every six months.
[snip]
I've said it before, the UK *MUST* change the composition of their £1 coins!
If I were a British store keeper I would be seriously considering a complete
refusal to handle them.
Just having the Royal Mint use the exact same copper/manganese-brass clad
composition in their £1 coins that the USA uses in its $1 coins should fix the
problem.
--
___________________________________________ ____ _______________
Regards, | |\ ____
| | | | |\
Michael G. Koerner May they | | | | | | rise again!
Appleton, Wisconsin USA | | | | | |
___________________________________________ | | | | | | _______________
Mr. Jaggers
I guess I'm not seeing how that would fix the problem. Wouldn't the
counterfeiters just learn to produce or obtain blanks of that type and be
back in business once again?
James
Michael G. Koerner
How much of a counterfeit coin problem has the USA had since the conversion to
'clad' coinage in 1965? Also, remember that the quarter in 1965 was worth
much more than the £1 coin of today.
The clad layers are very easy for the public to authenticate and *VERY HARD*
to fake.
If you have ever held £1 coins in your hand (yes, I have a couple in my little
junque box), you'll almost immediately sense the risk. They are a solid
composition of a greenish-brass coloured metal alloy.
Note, also, that the UK is apparently *NOT* having any problems with fake £2
coins. They are larger than £1 coins and made out of a ringed-bimetallic
composition (I have one of those in my box, too).
sealladh58
>
> Note, also, that the UK is apparently *NOT* having any problems with fake £2
> coins. They are larger than £1 coins and made out of a ringed-bimetallic
> composition (I have one of those in my box, too).
>
I work in a busy convenience store in Inverness, Scotland, and while I
might agree about the larger percentage of counterfeit £1 coins
circulating, I feel the UK might still get a problem with fake £2 bi-
metallic coins.
So far I have seen two counterfeit £2 coins come across the counter.
They were not particularly well done, as they were made out of some
sort of white metal with a brass wash around the outer rim. The ones
I saw had seen some circulation and I was able to see the base metal
showing through. I had the usual complaints from the customer when I
refused to take it, as he tried to maintain it was good and had got it
in change earlier in the day. That of course made it legitimate in
his eyes!
I now wish I had actually kept it, but it would have cost me £2 to
replace that money in the till. The customer I suspect would have
tried, and probably suceeded, in passing it off elsewhere.
Going back to the counterfeit £1 coins, there is quite a difference in
the quality of these. Some are glaringly obvious, even from a
distance. However, there are others that I have difficulty in
detecting, even when I have have idle times in the shop and can sort
through the coins at my leisure.
Peter