> a high security feature is built into the coin to protect it from counterfeiting in the future.
Reminds me of the Indian Rupee 2000 'gps feature'
The new £1 Coin
211–220 of 421 posts
Re: The new £1 Coin
#212Earlier 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…
> Which leads me to wonder - how do counterfeiters insert their fake coins in the monetary system? Where can you spend a lot of coin without arousing suspicion?)
There are plenty of corner shops that'll happily sell you duty free tobacco amongst other non-legal things. I'm sure they'd be happy to take £100 worth of fake coins and mix them into their tills/takings/change if it only costs them £40. The difference can go into their pocket.
Re: The new £1 Coin
#213For 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…
The societal cost of counterfeiting goes far beyond the nominal value of the fake coins in circulation (approximately one in thirty one pound coins is a counterfeit).
Re: The new £1 Coin
#214Earlier quoted context omitted.
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…
> (Turkish government recently switched IDs to something like that). That’s actually quite an old idea – most european countries’ IDs just have a normal smartcard in them, allowing normal signing and verification.
Interesting, I wonder if it's like the EMV credit cards. I wonder if this stuff is standardized, are the ID and credit card chips the same? Having the same readers would be useful, especially if all countries started doing that. Would be a little insane to have like a tower of card readers at like airports. "Oh your from America use the one in the middle" "Your from Canada use the one at the bottom."
If the same hardware, then I guess the only different would be that the public keys would be associated with somthing else. But it's probably a huge patent mess to make this a standard for all countries and states.
I know two stores in my area that don't even support chip cards and this was within going in the past year. One has the readers, but they don't work. The other has no chip readers at all.
I always thought paper signing was a bit outdated, especially since schools don't teach cursive really. We spent like a hour on it, and then next topic!
But then if someone stole your ID, lost it, etc... They could sign for things... but people can forge your signature anyways... Maybe if the machine had a camera in it to take a selfie when you use the card, but a bit creepy in a way to.
Re: The new £1 Coin
#215Earlier quoted context omitted.
-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…
Don't vending machines only check weight, size and if it's magnetic? Should be easier to fake for a vending machine than for customers then.
People bother checking their coins at all?
Re: The new £1 Coin
#216Earlier quoted context omitted.
> 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 set…
this sort of doom-saying and cherry-picking of statistics to derive a narrative is in itself harmful, as the economy is almost entirely based on consumer demand and confidence
brexit itself doesn't change the fact there's a short term business cycle driven by credit and low interest rates
> 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.
capitalism is based entirely on eternal exponential growth, which is clearly not sustainable, there's nothing UK specific about this
Re: The new £1 Coin
#217That looks neat. Never seen a coin before that changes based on how you look at it. I kinda want one, even though I'm in the US.
I'll post you one if you like.
Re: The new £1 Coin
#218Watching the video - I was waiting for John Ive voice at the end saying "it's the best coin we've ever made"
Re: The new £1 Coin
#219Containing 1 pound of silver in it? No, so it's fake.
Re: The new £1 Coin
#220What is the difference between counterfeit and "original" coins? Unless they have 1 pound of silver in them they're all fake money.
I think everybody should just accept and use counterfeit coins, if they look like the coins issued by the central bank.