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The new £1 Coin

thenewpoundcoin.com

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Re: The new £1 Coin

#121

Post by CoryG89 »

philh wrote: post #62
blue1 wrote: post #7

> Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future. "security through obscurity" as a feature?

What's even the benefit of anti-counterfeiting measures that people don't know about? It doesn't matter if you fail a test that nobody knows to run. Presumably some people will know about it, but who? If banks are the only places that can detect a fake, for example, does that gain you anything? I suppose you can do something like "ah, this bank is getting a lot of fake coins, which means they're probably getting inje…

Perhaps that's the point. They have a secret method for checking the authenticity of a coin such that counterfeiters do not know to imitate. This doesn't help the population to distinguish counterfeits, but it may help the government more easily keep track of the ratio of counterfeit coins out there.

Re: The new £1 Coin

#122

Post by gehsty »

lb1lf wrote: post #75
kgabis wrote: post #18

Earlier quoted context omitted.

It would be quite amusing if this feature didn't actually exist and it was only an attempt to confuse potential counterfeiters.

-It would definitely be amusing, but given the current state of affairs - basically, the public is ignorant and vending machines are used to weed out the fakes - I don't think your average counterfeiter would care. After all, your fakes don't need to be perfect; they just need to be good enough to enter the system without you getting caught every time. (Which leads me to wonder - how do counterfeiters insert their fa…

I think this will be a Crim2Crim business model, selling £100 fakies for £50/£40/£30 real to other crims depending on volume.

I'd be interested to find out about who makes the molds / dies and sets up the machines to manufacture these. I like to think its some eccentric retired machinist in a shed in the middle of the Yorkshire countryside :)

Re: The new £1 Coin

#124

Post by koolba »

> 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 comparable stats for US dollar bills or 1 Euro coins?

> The legal tender status of the round £1 coin will be withdrawn on 15th October 2017. From this date shops will no longer accept these coins, but you will still be able to take them to your bank. We would encourage you to use your coins or return them to your bank before 15th October.

Six-months is a pretty short window for something like this.

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

Also, how does the 1/30 fraud number impact the returns of the current pound notes?

Re: The new £1 Coin

#125

Post by Noughmad »

bigbugbag wrote: post #56
tonyonodi wrote: post #15

Earlier quoted context omitted.

Yesterday our home secretary said that WhatsApp's end-to-end encryption is "completely unacceptable". So we're a long way away from that.

Hasn't UK been fighting encryption since at least the 90's ?

To be honest, they have been fighting encryption since the 30's.

Re: The new £1 Coin

#126

Post by oxide »

mootothemax wrote: post #46
oneeyedpigeon wrote: post #3

As a UK citizen, it stuns me that one-in-thirty pound coins is a fake because a) i can't imagine how it's possibly worth it b) out of the thousands of pound coins i must have handled, I've never spotted a fake - they must be very good. Still, the new coin certainly looks nice!

> I've never spotted a fake - they must be very good Some regions seem to get more than others, I used to see large numbers in the change I got in London. The quickest "tell" for me is the lettering on the edge. Some of it is shockingly poor quality and almost looks like someone took a soldering iron to draw it on. The next time a machine rejects one of your pound coins, take another look at it, there's a good chance…

I find this incredibly interesting.

Your second link made me laugh, both because the blogger guessed that I was admiring a specific photo and the gradual reveal of the true level of the incompetence on display.

Re: The new £1 Coin

#127

Post by jo909 »

legulere wrote: post #32

Another possible recent security feature is a polymer ring: http://news.coinupdate.com/germany-introduces-next-generatio...

While looking into this coin, I saw that next month they are going to release another one with a red polymer ring, and plan to have 4 more designs with different colors until 2021 (so 6 different designs in total).

But so far only as collector coins.

Re: The new £1 Coin

#129

Post by ardaozkal »

anothercomment wrote: post #4

For a moment I thought/hoped the UK would introduce an official cryptocurrency...

I kinda hoped that they'd include something like an RFID chip with something like a certificate inside, signed by the royal mint (Turkish government recently switched IDs to something like that).

That'd allow verifying every single new coin (unless it is damaged to the level of breaking the rfid chip, but I suppose that's not that easy).

It'd also enable tracking. I kinda regret that idea now. BUT if used responsibly, that can significantly reduce the counterfeiting by the means of somehow cloning the RFID chip (which wouldn't be simple if done properly -- there aren't any successful attacks on proper implementations of stuff like mifare desfire EV1/EV2 afaik). A coin was used on a market on london on 10am and with an ATM on Glasgow on 10:30am? Yeah, flag that coin down.

Re: The new £1 Coin

#130

Post by rbanffy »

Chris2048 wrote: post #123
rbanffy wrote: post #98

What happens if they have to remove the thistle and the shamrock after Brexit?

Why Brexit? Do you mean Scottish Independence?

If they decide to become independent now, it'll be because of Brexit. Same goes for Northern Ireland (which will take some time).
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