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'Counterfeit coins'.
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Subject Date
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Counterfeit £1 coins 07/04/09
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A Royal Mint spokesperson said:
“The estimated number of £1 coins in circulation in the UK on 31 March 2008 was 1,470 million.
“The Royal Mint carries out surveys every six months to track the counterfeit rate. These comprise of a random sample of £1 coins from across the country being subjected to individual visual and analytical inspection. Over the past five years the counterfeit rate of £1 coins has increased and is currently estimated to be 2.58%.
“The Royal Mint has no plans to withdraw and replace the £1 coin. The responsibility for any such decision would lie with HM Treasury.
“The Royal Mint takes counterfeiting and fraud extremely seriously and has put in place a number of design and composition features to minimise the risk of counterfeiting and allow for easier identification. These include for example the milled edge and incuse lettering on the £1 coin.
“We are concerned at the apparent upward trend and are working with the banks, the Post Office, the vending industry and law enforcement agencies to remove counterfeit £1 coins before they reach the pockets of members of the public.
“Coin handling businesses, such as banks and the Post Office, handle over three-billion £1 coins every year. They use high-speed, automated systems to process customer deposits and prepare coin for reissue. These automated systems are capable of detecting and withdrawing a significant number of counterfeit coins. All counterfeit coins detected from coin processing are sent to the Royal Mint for disposal.
“For members of the public there are also a number of clues in the general appearance of the coin which assist in recognising counterfeits. These include the colour, clarity of the edge inscription, for example on the £1 coin, and its weight.
“It is a criminal offence to make or use counterfeited coins. Any member of the public who is in possession of a counterfeited coin should not attempt to spend it.”
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Notes to Editors:
The composition, design and quality of coins all play a part in prevention of fraud. The £1 and £2 coins, the highest values in circulation, also have security measures such as a milled edge and an inscription in incuse letters.
Additional clues in identifying counterfeit £1 coins include:
The date and design on the reverse should correspond. A list of designs and dates is available on the Royal Mint website.
The lettering or inscription on the edge of the coin should also correspond to the right year.
The milled edge may be poorly defined or the lettering uneven in depth and spacing
The design on either or both the observe and reverse sides may be poorly defined
Where the coin should have been in circulation for some time, the colouring may appear more shiny and golden than normal with little sign of ageing.
The Royal Mint has a history dating back over 1,000 years. By the late thirteenth century the organisation was based in the Tower of London, and remained there for over 500 years. In 1810 the Royal Mint moved out of the Tower to premises on London's Tower Hill. In 1967 the building of a new Mint began on its current site in Llantrisant, South Wales.
Reactive Media Statement
Continuation
The Royal Mint
Llantrisant, Pontyclun
CF72 8YT
United Kingdom
Tel +44 (0)207 255 5478
www.royalmint.com