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The new £1 Coin

thenewpoundcoin.com

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Re: The new £1 Coin

#301

Post by BattyMilk »

kintamanimatt wrote: post #149
taway_1212 wrote: post #120

Earlier quoted context omitted.

I was cheated in the most crude way in London once - gentlemen selling African street food gave me (in my change, amongst other coins) a coin that looks and feels very much like a British pound, but is Ugandian (IIRC) and has some kind of ostrich-like bird's head on it instead of the Queen's.

That could have been a mistake. Some coins from New Zealand, for example, look a lot like British currency.

Yeah. I got a NZ$1 in my change the other day. Didn't bat an eyelid. Time for a trip to NZ I guess

Re: The new £1 Coin

#302

Post by grkvlt »

_archon_ wrote: post #179
enthdegree wrote: post #112

Is it a curve of constant width like the 20p and 50p? If its sides are straight it cannot be. Also from wiki: > The new design is intended to make counterfeiting more difficult, via an undisclosed hidden security feature, called 'iSIS' (Integrated Secure Identification Systems). [1] Huh. [1]: https://en.wikipedia.org/wiki/One_pound_(British_coin)

The coin does appear to be a Reuleaux solid, which was a relief to me. British coins are some of the most common Reuleaux solids in the world. The sides are not straight; they are curved outwards. The curve is defined by an arc of a circle whose center is the opposite corner on the coin. It's a neat class of shapes! My dive into them came while researching the rotary Wankel engine (rotors are roughly Reuleaux triangl…

No, it's twelve-sided, therefore cannot be.

Re: The new £1 Coin

#303

Post by falsedan »

bambax wrote: post #158

Why not make the new £1 coin Euro compatible? Despite Brexit and all, it would make so much sense to share the same dimensions for the pound and the Euro. Old pound: diameter 22.5 mm, thickness 3.15 mm. New pound: diameter 22.63 - 23.43mm [1], thickness 2.8 mm. Euro: diameter 23.25 mm, thickness 2.33 mm. So close and yet so different! Why??!? Edit: Okay, I'm not sure why I saw "so much sense" in having the pound and…

> Why not make the new £1 coin Euro compatible?

Are you mad

Re: The new £1 Coin

#304

Post by falsedan »

adaml_623 wrote: post #163
bambax wrote: post #158

Why not make the new £1 coin Euro compatible? Despite Brexit and all, it would make so much sense to share the same dimensions for the pound and the Euro. Old pound: diameter 22.5 mm, thickness 3.15 mm. New pound: diameter 22.63 - 23.43mm [1], thickness 2.8 mm. Euro: diameter 23.25 mm, thickness 2.33 mm. So close and yet so different! Why??!? Edit: Okay, I'm not sure why I saw "so much sense" in having the pound and…

Because then vending machines would accept Euro coins as well as pound coins and you would be able to obtain goods for 60%(?) of the asking price??

> 60%(?) of the asking price??

*86%

Re: The new £1 Coin

#305

Post by falsedan »

refurb wrote: post #237
chippy wrote: post #79

Earlier quoted context omitted.

From my other comment above: We know 1 in 30 £1 coins are counterfeit. Take the amount of £1 coins in circulation. Sum the value. Divide by 30. Equals the market in counterfeit coins. From http://www.royalmint.com/discover/uk-coins/circulation-coin-... £1 are 1,671.328 £m / 30 = 55.71 £m The market in counterfeit coins is therefore over 55 million pounds. This is, however the cumulative, total value of the market and…

That doesn't really answer the question though. Is all the effort to create a fake 1 GBP coin worth it? Unless you have access to the right equipment, I can't imagine it is based on the effort to make each coin. If you can make 8x1 GBP coins a hour, then you clear a cool 64 GBP each day. Better than nothing (and tax free!), but there are a lot of jobs that pay better than that.

Well yeah, you'd buy a stamping press and mint 10k/day.

I fear HN underestimates the amount of work people will do to avoid getting a boring (legal) job.

Re: The new £1 Coin

#306

Post by gmac »

dx034 wrote: post #87
gmac wrote: post #12

Earlier quoted context omitted.

I'm pretty sure I've seen some — rather crude detailing (especially around the edges), sometimes a slightly funny colour, and consistently rejected by vending machines.

But there are also a lot of £1 coins in circulation that are more than a decade old. I sometimes get coin bags from banks and even from those, some are rejected by vending machines and look crude.

I wonder whether banks test every £1 coin that passes through their hands.

Either way, being rejected by vending machines is probably neither a sufficient nor necessary condition for being a fake, but it's almost certainly correlated.

Re: The new £1 Coin

#307

Post by falsedan »

koolba wrote: post #124

> Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future. I bet there's an RFID in each coin that uniquely identifies each one. If true, it'd also let them (or a thief!) identify the total value of the coins jingling in your pocket. > Approximately one in thirty £1 coins in circulation is a counterfeit. That seems incredibly high! Anyone have comp…

> What prevents a shop from accepting the coins after Oct 15th and then they take it to the bank?

The law, which only allows individuals to exchange the old coins after that date. Yes, shopkeepers could change their bills for old pounds and then deposit them in person to their current accounts at the local branch, but if I'm a shopkeeper then I probably have better things to do with my time.

Re: The new £1 Coin

#308

Post by ars »

tyingq wrote: post #201

Looks a bit like the failed US Susan B Anthony $1 coin. https://en.numista.com/catalogue/photos/etats-unis/g1288.jpg

That failed because people don't like to carry coins, they prefer bills.

In the UK they don't have a 1 pound bill, forcing people to only use coins.

Coins are cheaper for the government since they last much longer.

So if you were a government, which would you pick: What your people want, or what's cheaper for you?

Re: The new £1 Coin

#309

Post by dragonwriter »

ars wrote: post #308
tyingq wrote: post #201

Looks a bit like the failed US Susan B Anthony $1 coin. https://en.numista.com/catalogue/photos/etats-unis/g1288.jpg

That failed because people don't like to carry coins, they prefer bills. In the UK they don't have a 1 pound bill, forcing people to only use coins. Coins are cheaper for the government since they last much longer. So if you were a government, which would you pick: What your people want, or what's cheaper for you?

Note that the people often may directly want one thing, but also want indirectly what is cheaper for government, since they also usually don't want to pay more taxes, and do want government to do things.ib other domains that are constrained if it spends more than necessary in the domain under immediate consideration.

Government officials really have no other reason to care about "cheaper for government", since it's not their money anyway.

Re: The new £1 Coin

#310

Post by kfrzcode »

yellow_viper wrote: post #269
peter303 wrote: post #253

Earlier quoted context omitted.

Who is counterfeiting? They dont usually do such small denomination.

1 in 30 pound coins is fake. If you have a handful of smash and examine the pound coins you can usually find at least 1 fake one. Counterfeiters made millions before anyone caught on

Off topic: I love English idioms like "handful of smash." Keeps me smiling.
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