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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.
How the "hidden high security feature"* in the new £1 coin works is covered here: https://security.stackexchange.com/questions/53673/how-does-... * Royal Mint’s new anti-counterfeiting technology, which can be authenticated by high-speed automated detection, was called Integrated Secure Identification Systems (ISIS) - but for obvious reasons, they've stopped using that name.
K, damn.
How the "hidden high security feature"* in the new £1 coin works is covered here: https://security.stackexchange.com/questions/53673/how-does-... * Royal Mint’s new anti-counterfeiting technology, which can be authenticated by high-speed automated detection, was called Integrated Secure Identification Systems (ISIS) - but for obvious reasons, they've stopped using that name.
K, damn.
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…
Earlier quoted context omitted.
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?
Its a politically strategic time to reaffirm some kind of public 'pride' in the Pound. Its a symbol of nationalism. (am brit)
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…
Who is counterfeiting? They dont usually do such small denomination.
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…
Who is counterfeiting? They dont usually do such small denomination.
The old £1 Coin was relatively easy and cheap to counterfeit and the counterfeits were practically perfect (I've had a few over the years, they're REALLY hard to spot unless you know what you're looking for, just Google "spot a fake £1" for some examples of how good they are).
Seems like many of the counterfeit coins come from abroad, in particular countries with a much lower cost of living and where counterfeiting foreign currency may be ignored. There's also a huge market in pushing counterfeit money onto foreign exchanges in other countries.
Earlier quoted context omitted.
K, damn.
Per the article, one in thirty of these coins are counterfeit.
> The Royal Mint regularly conducts surveys to estimate the level of counterfeit £1 coins in the UK. A survey undertaken in May 2015 found that the rate of counterfeit UK £1 coins in circulation at the time was 2.55%, compared to 3.03% in May 2014.
http://www.royalmint.com/discover/uk-coins/counterfeit-one-p...
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…
Who is counterfeiting? They dont usually do such small denomination.
Is counterfeiting coins very lucrative?
Some people--though not many--survive that can remember when newly-minted coins still had silver in them. Then governments all over the world got greedy and debased their coinage, upping the seigniorage to obscene levels to turn their mints into profit centers instead of cost centers.
So whenever I see governments complaining about counterfeit currency, I feel that they are hoist on their own petard. They learned it by watching you. I am honestly impressed that a system run almost entirely on public confidence can get away with so much chronic, endemic chicanery.
I was really hoping that India's little experiment in destroying its economy by removing larger-denomination cash would have resulted in a tiny bit of blood in the streets, pour encourager les autres. Without pushback, the trend will continue. So the world really, really needs a currency system that no one can effectively manipulate. Bitcoin gave me hope, but so far no cryptocurrency is anywhere near ready for universal adoption.