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The new £1 Coin

thenewpoundcoin.com

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Re: The new £1 Coin

#151

Post by Gustomaximus »

andy_ppp wrote: post #136
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?

I would suspect the rate of introduction is increasing. So while maybe it took 20 years to circulate this 45m amount, they may expect the next 45m to come though in a few years. That and pride/confidence in money validity. This is my guess and not fact.

Re: The new £1 Coin

#153

Post by DanBC »

TillE wrote: post #82
mootothemax wrote: post #55

Earlier quoted context omitted.

> 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. If no one's checking for counterfeit coins, and the users themselves don't know they exist, it sounds like a pretty awesome opportunity for the counterfeiters. Just take a look at the number of comments here saying the same thing as you - from a count…

But, what do you do with your counterfeit coins? You've invested all this money and effort in minting equipment, but it would look extremely weird to spend more than like 20 at once. Unless they can fool machines, it seems very inefficient.

A lot of them can fool machines, because they're made using a coin that uses the same blank.

Re: The new £1 Coin

#154

Post by koolba »

askvictor wrote: post #144
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…

How would the RF get past the metal casing?

Could be a ring on the outside between the two layers.

Re: The new £1 Coin

#155

Post by tim333 »

chrisseaton wrote: post #8
d--b wrote: post #5

Just curious, has anyone any insight into what that "hidden high security feature is"?

I think it's some kind of radio signal transceiver, because I saw a video where they talk about detecting it at high speed from a small distance as coins pass through a system.

I don't think it's that.

>iSIS™ (Integrated Secure Identification Systems) is a direct derivation of covert and forensic features used in banknotes, comprising a unique additive technology – already used not only in banknotes but also in other industries such as fuel and perfume. This, however, is the first time it has been applied to coinage.

>The additive is incorporated into coins using The Royal Mint’s aRMour® full-plate technology and can be authenticated via high-speed automated detection. As it forms part of the electroplating process, it is not a surface coating and will not wear off over time.

Maybe it can be detected by spectral analysis of light like they do to see what gasses the sun is made of?

http://web.archive.org/web/20131119210211/http://www.currenc...

Re: The new £1 Coin

#156

Post by ocfnash »

andy_ppp wrote: post #136
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?

If we knew that there would only ever be £45m worth in existence then perhaps not but one would expect that this figure is growing.

Re: The new £1 Coin

#157

Post by robin_reala »

noja wrote: post #128

dot com? Why?

The Royal Mint is a state-owned enterprise and not a government department. For a start, they produce currency for other countries directly, which is not something the government would want to do.

Re: The new £1 Coin

#158

Post by bambax »

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 the Euro the same size. I go to the UK often and hate having different coin sizes in my pockets, but obviously the pound and the Euro aren't the same value, so there's no real reason they should be of the same size...

[1] Since the new pound isn't round but dodecagonal, the diameter isn't constant; the smallest value is the diameter of the incircle and the other value, the diameter of the circumcircle.

Re: The new £1 Coin

#160

Post by willvarfar »

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…

Vending machines have to detect the difference.
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