Fake pound coins in circulation doubles
Monday 22nd September 2008, 11:17AM BST.
The number of fake pound coins in circulation has doubled over the last five years, according to figures from the Royal Mint.
One in 50 pound coins, or two per cent of the total in circulation, are now counterfeit, the government body admitted to the BBC.
This means there are around 30 million fakes in circulation.
Although the Royal Mint considers this to be a relatively low number, the BBC claims this could lead to a loss in confidence in the coin.
Those who regularly deal in small change, like taxi drivers, would be most affected by fakes.
The Royal Mint said using or making counterfeit coins and those who suspect they may have one must hand them in.
In a statement to the BBC, 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.”
Fake coins can be hard to spot, but often the words written on the edge of the coin are not clear with illegitimate coins. Also when holding a coin with the queen’s head upwards, the tails side on the rear should also be at the same angle.
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