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The new £1 Coin

thenewpoundcoin.com

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Re: The new £1 Coin

#131

Post by wonderous »

For any interested in the related costs:

https://www.theguardian.com/money/2014/mar/19/cost-new-pound...

Seems like there are £45m worth of counterfeit coins in circulation, but the switch may cost over £100 million.

____

EDIT: The percent of fake coins in circulation appears to be in flux, which makes me wonder what methods they use to estimate the fakes in circulation, if they use controls like injecting known fakes into the count to see if they are spotted, if the sample is truly random, the maths is correct, etc.:

1% 2004 [1]

3.03% May 2014 [2]

2.55% May 2015 [2]

Of note is that the Royal Mint states in the 2016 annual report that the last survey for fakes was in May 2015, but the report was issued in July 2016, which means at least as of that date they failed to do the annual survey; or at least publish the results.[3]

[1] http://www.telegraph.co.uk/finance/personalfinance/10707540/...

[2] http://www.royalmint.com/discover/uk-coins/counterfeit-one-p...

[3] http://www.royalmint.com/~/media/Files/AnnualReports/ar_2015...

Re: The new £1 Coin

#132

Post by lovemenot »

vidarh wrote: post #95
simonbarker87 wrote: post #50

Earlier quoted context omitted.

Lol, how is the UK close to falling apart? Do you mean literally that the union is falling apart or more figuratively speaking that the country is unravelling?

Odds are increased that Scotland will eventually go for independence. Northern Ireland is closer than ever to a Republican majority in Stormont and speculations are on the rise that a border poll might be on the table in the near future (as in within not too many years; it will still take time) and even some unionists appears to accept that there is a greater than ever chance of a unified Ireland. More importantly: a…

Agree with your analysis and opinion.

And we need all this new cruft because the current situation is insufficiently complex.

Re: The new £1 Coin

#134

Post by galuggus »

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 was told that Hackney has the greatest concentration of fake pound coins.(no source on that)

Have received many in my time.

Machines don't like them

They seem to be not quite straight.

Re: The new £1 Coin

#135

Post by Already__Taken »

chippy wrote: post #79
himlion wrote: post #2

Is counterfeiting coins very lucrative?

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…

I was curious how much the penny costs to mint as to put your number into context. Only to find the Royal Mint won't release per coin detail since they mint other coins not for the UK it's classed as a commercial secret. Which means for all the effort put into our currency we might actually be turning a profit on the capability.

ref: https://www.whatdotheyknow.com/request/costs_per_unit_of_min...

Re: The new £1 Coin

#136

Post by andy_ppp »

wonderous wrote: post #131

For any interested in the related costs: https://www.theguardian.com/money/2014/mar/19/cost-new-pound... Seems like there are £45m worth of counterfeit coins in circulation, but the switch may cost over £100 million. ____ EDIT: The percent of fake coins in circulation appears to be in flux, which makes me wonder what methods they use to estimate the fakes in circulation, if they use controls like injecting known fake…

So there was no point in doing it? This seems super weird for a financial institution that should be looking at hard data; maybe they did some analysis about the increasing ease of forgery?

Re: The new £1 Coin

#137

Post by masklinn »

TazeTSchnitzel wrote: post #101
masklinn wrote: post #93

Earlier quoted context omitted.

To demonstrate feasibility and estimate costs. The tech could then eventually be rolled out but since Germany is part of the EU for EU-wide legal tender all mints need to switch: "standard" euro coins have a common design and reverse, and a national obverse (with some restrictions).

Nitpick, but you mean the Eurozone specifically.

Guilty as charged.

Re: The new £1 Coin

#138

Post by tfm »

chrismorgan wrote: post #24
smcl wrote: post #6

"The pound won’t be round for much longer" is a pretty awful tagline, I'm not sure they realised what this sounds like...

I read it with the meaning “the pound won’t be in use for long” at first which seemed rather incongruous. I was wondering whether there was something I had missed about happenings with respect to brexit (I’m Australian, never been to the UK). It took me a while to interpret it as “the shape of the pound is changing from a circle to a dodecahedron”.

Fortunately the domain name is rather less ambiguous and primed me for the weak pun. I'm ... glad(?) that the wordplay survived the marketeering sessions and civil service vetting.

BTW: dodecahedron is the solid object, dodecagon is the 12-sided polygon. D&D style dice as currency would be pretty awesome but it might make it difficult to resolve dilemmas using pocket change.

Re: The new £1 Coin

#139

Post by iNerdier »

doktrin wrote: post #11

> "Approximately one in thirty £1 coins in circulation is a counterfeit." That took me completely by surprise. Is there really that much of a market in counterfeit coins? The profit margins just seem so modest relative to counterfeit bills.

I work on a market stall in London at the weekends. In my experience it's probably higher than that, you get given some really ropey ones but everyone just treats them normally because there's so many in circulation the banks don't even bother to reject them. I can totally see why they're replacing it.

Re: The new £1 Coin

#140

Post by Already__Taken »

dx034 wrote: post #108
im3w1l wrote: post #59

From my understanding, all money is created as debt. Counterfeits would be an exception. What is the impact of this?

If you do it on a large enough scale you'd get inflation as you have more money supply for the same amount of goods so that the money loses value. This would then lead the central bank to raise rates to counteract inflation. This in turn is bad for the economy (more expensive to take out a loan leads to less investment) so you could get a recession. I doubt that you'd be able to inject enough counterfeit money for th…

This sounds like one of those things that's not a problem but becomes unfixable when it is a problem. Like you say it's the scale required.
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