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The new £1 Coin

thenewpoundcoin.com

241–250 of 421 posts

Re: The new £1 Coin

#241
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?

To be fair, all security is a form of security through obscurity. An encryption key is just very, very obscure.

If this security feature could only be reproduced using a bunch of PhD chemists and millions of dollars of lab equipment, then the security can be considered to be pretty obscure. Even the strongest key based encryption system is vulnerable to brute force attacks if you have enough computer power.

Re: The new £1 Coin

#242

Is it a curve of constant width like the 20p and 50p? If its sides are straight it cannot be. Also from wiki: > The new design is intended to make counterfeiting more difficult, via an undisclosed hidden security feature, called 'iSIS' (Integrated Secure Identification Systems). [1] Huh. [1]: https://en.wikipedia.org/wiki/One_pound_(British_coin)

The coin does appear to be a Reuleaux solid, which was a relief to me. British coins are some of the most common Reuleaux solids in the world. The sides are not straight; they are curved outwards. The curve is defined by an arc of a circle whose center is the opposite corner on the coin. It's a neat class of shapes! My dive into them came while researching the rotary Wankel engine (rotors are roughly Reuleaux triangl…

But with an even number of sides (12 in the new coin), can that work?

Re: The new £1 Coin

#243
post #67

Funnily, the new "most secure" pound will be introduced one day before a pretty big event, Mrs. May's Article 50 invocation, which widely predicted to devalue the pound significantly. You might buy new pounds as "secure" coins, but you'll probably some percentage of their value the next day...

Article 50 has been priced into the markets for months, I’d be very surprised to see any significant movement.

The fact that it will occur and likely outcomes has been priced in, but there will possibly be new information on government strategy which may move prices up or down.

Re: The new £1 Coin

#244
post #150

Earlier quoted context omitted.

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 h…

> 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

Consumer demand and confidence largely comes from how safe people feel in their jobs and whether or not they get raises, not statistics. I'm sure there's some feedback, but my own cautious spending is a direct result of knowing of direct threats to a substantial number of jobs, and seeing the consequences of e.g. potential clients pulling back on spending. I'm not very worried about my own income, but the only reason I'm not very worried is that my disposable income is high enough that I can sustain drops without being affected much.

Meanwhile e.g. my ex. has to deal with knowing that hundreds of jobs where she works will be cut (and no, that's not rumours - she works in HR and has direct knowledge of the plans) as a consequence of Brexit. If the negotiations goes badly, it will be several times that.

That is the kind of things that's causing consumer confidence to soften.

> brexit itself doesn't change the fact there's a short term business cycle driven by credit and low interest rates

No, but it has directly affected that starting to come to and end because of softening consumer confidence.

> capitalism is based entirely on eternal exponential growth, which is clearly not sustainable, there's nothing UK specific about this

No, but there is something UK specific about currently being in a situation where the government has chosen to drastically cut public spending at a time when low salary growth has left people using low credit as a means to keep the party going, and are then suddenly hit by events that cause a great deal of uncertainty over their ability to continue to service debt.

Re: The new £1 Coin

#245
post #5

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

I know there was some public talk a few years back about them using a combination of phosphorescent materials that absorbed and re-emitted specific frequencies of light. Not sure if that's what they ended up going with in the end.

Re: The new £1 Coin

#246

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…

There are £45m of fake pound coins in circulation currently. The various banks and mint, etc, will be removing them as they come in, taking losses from that. There's an ongoing cost every day.

If a one-time cost of £100m will remove the fake coins and prevent new fakes, it's well worth the price tag.

Re: The new £1 Coin

#247
post #82

Earlier quoted context omitted.

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.

You mix in legitimate coins, and deposit them at a bank in Northern Ireland as takings from your (real) businesses. With a rotating cast of 20-ish fronts (each with multiple bank accounts), you could put in £1MM+ a month easy & transfer it onwards as normal-looking purchases. Note that this was a great way to get millions of coins into circulation back in the early 2000s, not so easy now.

Don't vending machines have the ability to check by weight/size? Couldn't a bank just have that in their counting machine? If you have like 50% fakes it is going to look fishy.

Re: The new £1 Coin

#248

After two pints it won't be distinguishable from € coin, many people have both in pockets, it's already hard for < 1 €/£ :(

Two pints of what? Tequila? What in God's name do you have on tap over there, that a mere two pints gets you so blind you can't tell coins apart?

Poor sight from programming probably.

Re: The new £1 Coin

#250
post #244

Earlier quoted context omitted.

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 h…

> 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 Consumer demand and confidence largely comes from how safe people feel in their jobs and whether or not they get raises, not statistics. I'm sure there's some feedback, but my own cautious spending is a direct result of knowing of direct thre…

the plural of anecdote is not data
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