The Number of Fake £1 Coins Doubles
Wednesday 24th September 2008
Did you know that 1 in 50 £1 coins being used in the UK could be fake?
The Royal Mint has shown that recent tests show that as many of 30 million coins could be counterfeit double the amount found after testing was carried out in 2003.
The Royal Mint issued a statement recently stating that "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."
They go on to advise that any fake £1 coins be handed over to Police as using a fake coin is against the law.
To check that you don’t have a fake coin in your pocket or purse check that both the date and design match. If you are in any doubt the Royal Mint website has a list showing designs created for specific years. On the website you can also see if the edge inscription and date match. Other things to look out for include the presence of the right lettering; check that the Queen's head is the right depth and that it lines up with the design on the reverse. If the Queen's head is off centre it is more than likely a fake.
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