It looks like a nicer version of the 1 euro coin. I like that the coin isn't round but 12-sided, which will certainly help visually impaired people use the coin. I wonder if they will introduce a new 6-sided 50p coin.
The new £1 Coin
141–150 of 421 posts
Re: The new £1 Coin
#142Made to look like the 1Euro coin to ease the transition to Euro currency in the future, I'm sure.
Re: The new £1 Coin
#143Earlier quoted context omitted.
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.
So why mention it at all?
Re: The new £1 Coin
#144> 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…
How would the RF get past the metal casing?
Re: The new £1 Coin
#145For 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?
The main reason for doing it is that they don't want the public to lose faith in the "value" of the pound, which will eventually happen if forgeries become more abundant.
Re: The new £1 Coin
#146For 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?
There is some kind of psychological cost too, since the money is only valued as much as people want to value it. Too much fakes might damage the brand more than the face value of the fake coins.
Re: The new £1 Coin
#147As 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!
As a student a dude in Liverpool was selling 50 for £10. A guy I knew lived on them for 3 years. His life revolved around 99p stuff.
Re: The new £1 Coin
#148What happens if they have to remove the thistle and the shamrock after Brexit?
It isn't really a problem because Scotland will keep the pound, and very little will change in that regard.
Re: The new £1 Coin
#149As 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 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.
Re: The new £1 Coin
#150Earlier quoted context omitted.
There is a strong emotional effect at play, so it's hard to say what will happen. I know someone currently buying a house, and the question of what will happen when Article 50 is invoked has been a persistent theme. E.g. in London, thousands of banking jobs may hang in the balance, with at least one bank having made it very clear internally that once Article 50 is invoked they will start planning which jobs to move -…
> I'm acting accordingly cautiously, and have cut my spending considerably since the referendum thankfully you aren't the majority; we really would have had a recession if everyone had cut their spending
There's a number of indications that people are being cautious [1] [2] [3], but most people don't have the disposable income to allow substantial reductions in spending, given the low levels of salary increases ever since 2008. Basically ver since then low interest credit has been used as a substitute, and driven UK consumer debt levels to crazy heights.
I for one thinks that recession or not, a lot of people are setting themselves up for major pain once interest rates start moving up again and would be best served by doing what they can to cut down on spending.
At the moments large parts of the handling of the UK economy appears to be based on trying to push problems ahead of us in the hope that things will start looking rosier some day. Instead it's looking scarier and scarier.
[1] https://www.retailgazette.co.uk/blog/2017/02/consumer-spendi...
[2] http://myinforms.com/en-gb/a/184905009-consumer-spending-gro...
[3] https://sputniknews.com/business/201701201049832161-uk-retai...