[Closed] New 12-sided pound coin

I get given/give loads of clearly fake £1 coins. And so, obviously, does everyone else. The fact that we know there are so many fake coins doesn't seem to affect their value. I've never had a shopkeeper refuse to accept a fake one. so I'm left wondering if it really does have such a negative effect on the economy as is claimed?

off centre ferromagnetic core?

edge stamped serial number?

rainbow/purple anodised obverse?

Embedded RFID?

Strontium 90 core? Ooh, maybe americium, solves the problem of what to do with end of life smoke alarms...

Seems a bit daft getting all these new coins with the Queens face on. Would they not better hanging on a bit so they don't have to re-do them with Charley's mug in a bit?

It actually has 13 sides and nobody can be bothered counting?

Hidden security feature? It's only worth 80p

#brexit

thestabiliser - Member

Seems a bit daft getting all these new coins with the Queens face on. Would they not better hanging on a bit so they don't have to re-do them with Charley's mug in a bit?

Her Majesty would probably find it all a bit distasteful, and anyway - coins stay in circulation after a King or Queen dies, they just change it for the next lot.

She's 'only' 90, she might do another 10 stretch, we might skip Charlie and go straight to Wills.

I've never had a shopkeeper refuse to accept a fake one. so I'm left wondering if it really does have such a negative effect on the economy as is claimed?

It's a special feature for any Scots that touch one,it burns their fingers 😉

I'm not thinking of counterfeiting them or owt?

Freelance Quantitative Easing?

so I'm left wondering if it really does have such a negative effect on the economy as is claimed?

Maybe it's been the opposite and the economy will crash when the new ones come out? The Brexiteers can then blame the new pound for the economy woes and not Brexit. Convenient timing.

Surely it's got to be this...
[img] [/img]

It reminds me of the old three-penny coin (aka thrupenny bit)

[img] [/img]

Probably worth the same amount too 🙄

I was wondering when someone would get their thrupenny bits out 🙂

It actually has 13 sides and nobody can be bothered counting?

14 sides surely?

I get given/give loads of clearly fake £1 coins.

2-3% are counterfeit, according to the RM website. That's about £45-£50 million in fake coins.

From the RM again, as per the OP it has a "Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future."

How's it supposed to provide security if it's secret? Say it has a hidden RFID tag. Ok, fine, the counterfeits won't. But how would you then know to check for the missing RFID if you don't know it's there? And if you do know it's there, then it's no longer hidden.

because you losing the value of your £1 is not important.

When the coins get cashed in by a business, run through the scanner, then they only get 90p in the £1 paid out. The treasury wont honor bent dosh. The business (or charity) cashing in will carry the loss, and then pass the costs of fraud on to the punters. Simpulz.

Its the treasury's value that matters, not the "pound in your pocket".

"When the coins get cashed in by a business, run through the scanner, then they only get 90p in the £1 paid out. The treasury wont honor bent dosh."

Any business putting cash in, do so in money bags. I have done this myself. The bags simply get weighed in at the bank, then the money credited to my account. I imagine this is the case with all small businesses/those depositing coins. Where is this 'scanner' of which you speak? I imagine such sophisticated equipment isn't installed in your average high st bank branch.

"That's about £45-£50 million in fake coins."

So an absolute drop in the ocean really, all things considered.

The only pound coin I've ever had rejected by a shop, was an Isle of Man/Chanel Islands/Gibraltar one, which is legal tender AFAIK, but the dozy shop bod was too ignorant to understand this. I dread to think what they would have done, if faced with a Scottish bank note...

clodhopper - Member

Any business putting cash in, do so in money bags. I have done this myself. The bags simply get weighed in at the bank, then the money credited to my account. I imagine this is the case with all small businesses/those depositing coins. Where is this 'scanner' of which you speak? I imagine such sophisticated equipment isn't installed in your average high st bank branch.

Yup. Weight checking when you deposit in bags but that's all, and any decent counterfeit weighs the right amount, or near enough. The only coin counterfeit checking we had was teller eyeball but if you're paying in bags (or red sacks) then that doesn't happen. There's some centralised checking but it's not tracable back to the depositor. (and a lot of coin gets recirculated by the branch without ever going to a cash centre)

I picked up a gibraltar pound in change whilst over there last week. Already had it rejected over here. Didn't have time to argue. Perhaps I'll give it to the trick or treaters tonight

So an absolute drop in the ocean really, all things considered.

It's all relative though. I wouldn't say no to someone giving me £50M.

My point really was that you'd think it would be uneconomic to forge pound coins rather than, say, £50 notes. But that's not a bar earner in fairly untraceable currency.

The only pound coin I've ever had rejected by a shop, was an Isle of Man/Chanel Islands/Gibraltar one, which is legal tender AFAIK, but the dozy shop bod was too ignorant to understand this.

"Legal tender" has a very specific meaning in relation to the settlement of debts, it's irrelevant in a shop transaction. A shopkeeper can accept or reject any currency they like.

hidden un-revealed feature?

does it shrink smaller and smaller as it becomes worth-less

Offshore coins and notes aren't legal in the UK, only the place they were issued.

Where is this 'scanner' of which you speak? I imagine such sophisticated equipment isn't installed in your average high st bank branch.

.... yet. A bit pointless having a system to check the new quids until the new smart-quids are in circulation

The vending machine makers will be happy. I can't think of anyone else who will benefit. The value of fakes in circulation is tiny compared with the cost of replacing and then making everything from a shopping trolley to a swimming pool locker compatible.

Is the special feature that it won't work in vending machines because it's not a shape of constant width?

Hidden security feature? It's only worth 80p

#brexit

Yup, you're right, the fact that Sterling is the worst-performing currency on the planet at the moment is not at all concerning.

maccruiskeen - Member

.... yet. A bit pointless having a system to check the new quids until the new smart-quids are in circulation

Unless it has something completely contactless and effort free- sort of like a shop rfid scanner- then it's not going to happen in branches. Checking a coin seems like an easy job til you start slinging them around in bags of 500.

Since counterfeit coins are effectively long term zero cost quantitative easing for the Bank of England, I suspect they aren't particularly bothered by the volume of fake coins in circulation.

Oops, double post

edit - being very dim here

Comes in a range of 80' anodised colours??

[img] [/img]

Well the RM have to produce "New Shiny" things to keep the Brexiters happy..

Simple things and simple minds.

"New shiny", "simple things and simple minds"

Shhhhh. You'll destroy the MTB industry with talk like that! 🙂