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The new £1 Coin

thenewpoundcoin.com

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Re: The new £1 Coin

#391

Post by mabbo »

xchaotic wrote: post #363
mabbo wrote: post #246

Earlier quoted context omitted.

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.

The new coin will not get rid of forgeries completely, at least not until the old is removed from circulation. In pure money terms, it's not worth it. But since they're printing money anyway, I guess if it's too costly, they can just print more money to pay for it ;)

The old one will be out of circulation in October. Did you read the page?

Re: The new £1 Coin

#392

Post by jessaustin »

tempestn wrote: post #380
wallacoloo wrote: post #364

Earlier quoted context omitted.

I was standing in front of two vending machines the other day: one for food, one for drink, and all I had was a $5 bill. I wanted food, but the food machine would only take $1s and coins. On the other hand, the drink machine took $5s. So I put my money in the drink machine and hit the coin return. Nothing happened. I tried a few times and figured the coin return was broken or that it was out of coins. The only thing…

The food machine accepted coins and $1 bills, but not $1 coins or other bills? It almost sounds intentionally designed to be as difficult to use as possible. (I realize the $1 coin is larger and newer, and accepting larger denomination bills would mean dispensing more change, but still .)

USPS vending machines are well-known as the main non-bank source of $1 coins. (E.g. insert a $10 bill for $7 worth of stamps, and get 3x $1 coins back.) IIRC, a long time ago they didn't actually take these coins as payment in the first place...

Re: The new £1 Coin

#393

Post by booleandilemma »

ajross wrote: post #373
wtvanhest wrote: post #331

They probably should have continued using the letters. The more things called ISIS the less important those letters are to any one thing, including the terrorist org.

The "terrorist org" never used those letters in the first place. The acronym in Arabic is "Daesh". ISIS is an English-language acronym formed from a (bad[1]) translation of the group's name. Think about it: why would a decidedly muslim organization name itself in a foreign language after a forgotten infidel goddess? [1] Most western journalists rapidly moved off onto ISIL, which is a better translation (the name neve…

If we want to make them angry we should be calling them daesh.

https://www.bostonglobe.com/opinion/2014/10/09/words-matter-...

Re: The new £1 Coin

#394

Post by chrisseaton »

booleandilemma wrote: post #393
ajross wrote: post #373

Earlier quoted context omitted.

The "terrorist org" never used those letters in the first place. The acronym in Arabic is "Daesh". ISIS is an English-language acronym formed from a (bad[1]) translation of the group's name. Think about it: why would a decidedly muslim organization name itself in a foreign language after a forgotten infidel goddess? [1] Most western journalists rapidly moved off onto ISIL, which is a better translation (the name neve…

If we want to make them angry we should be calling them daesh. https://www.bostonglobe.com/opinion/2014/10/09/words-matter-...

Calling them a nasty name? Do you really think that's a mature and effective strategy in this situation?

Re: The new £1 Coin

#395

Post by sengork »

Some of the dual metal build coins suffer from faults when they are exposed to cold environments. Once can test for this by placing the coin inside a freezer and observing one of the metals shrink to the point where it disconnects from the other part of the coin.

There are much older examples of latent image technology on coins, for example Russian 10 ruble circa year 2000 (look at the middle area of the '0' character): https://thumbs.dreamstime.com/z/coin-rubles-russian-commemor...

Re: The new £1 Coin

#396

Post by booleandilemma »

chrisseaton wrote: post #394
booleandilemma wrote: post #393

Earlier quoted context omitted.

If we want to make them angry we should be calling them daesh. https://www.bostonglobe.com/opinion/2014/10/09/words-matter-...

Calling them a nasty name? Do you really think that's a mature and effective strategy in this situation?

Of course it shouldn't be the only thing we do, far from it, but as Sun Tzu said:

"If your opponent is of choleric temper, irritate him"

Re: The new £1 Coin

#397

Post by Scoundreller »

mathewsanders wrote: post #338
iandioch wrote: post #180

Earlier quoted context omitted.

What might be fun to try is to use a Euro 5c coin in a machine that expects 20p sterling coins. Living on the border with Northern Ireland, we figured out when I was young that the sweet machines in Northern shopping centres could be conned like that.

The old (pre ~2005) New Zealand 50cent coin was a match for 5 franc coin in Switzerland (~5USD). I knew postgrads that would always stock up to use in vending machines, after finding that out I've always been curious to know how much research a mint does to prevent this from being possible.

>I've always been curious to know how much research a mint does to prevent this from being possible.

At the Canadian/US mint, seemingly zero.

Re: The new £1 Coin

#398

Post by caf »

67726e wrote: post #387
kintamanimatt wrote: post #149

Earlier quoted context omitted.

That could have been a mistake. Some coins from New Zealand, for example, look a lot like British currency.

In the US, it's reasonably common to get Canadian pennies for US pennies.

You get NZ 20c coins in place of Australian ones a fair bit.

Re: The new £1 Coin

#400

Post by banku_brougham »

panarky wrote: post #390
wonderous wrote: post #223

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.

"Approximately one in thirty £1 coins in circulation is a counterfeit" "16 October 2017 onwards - demonetisation - you are under no obligation to accept the round £1 coin from your customers"

This is the big deal for users of the current pound coins. Somebody is going to get stuck with a lot of irredeemable £1 counterfeit coins.

Musical chairs, in coins.

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