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The new £1 Coin

thenewpoundcoin.com

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Re: The new £1 Coin

#411

Post by palunon »

falsedan wrote: post #300
mootothemax wrote: post #89

Earlier quoted context omitted.

> But, what do you do with your counterfeit coins? Launder them through your other criminal activities. "Hey, you want to be paid for all the drugs you've sold recently? You can have 500 in 'real' or 1,000 in fake notes + coins."

I think you'll find most people drug dealers interact with don't take kindly to being passed funny money.

The supplier/street vendor relationship is not the same as the street vendor/drug user one.

Also, this is not a case of the supplier trying to con its "client", but one of choice. "Would you prefer real or or more in fake ?"

Re: The new £1 Coin

#412

Post by LaikaF »

lostlogin wrote: post #402
jessaustin wrote: post #341

Earlier quoted context omitted.

It would be even better had one received the money in question as change from such a machine...

I want with a guy who had fake money come out an ATM in the middle of Cusco, Peru. I offered to buy it off him as a souvenir, and offered about half face value. I was out bid by 2 others and in the end he decided to keep it as a souvenir.

That was pretty common in Peru when I visited. Or shop keepers giving it back as change.

Re: The new £1 Coin

#413

Post by ardaozkal »

gkya wrote: post #254
ardaozkal wrote: post #129

Earlier 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…

How much would it cost, though? I mean if a pound coin costs more than a pound, that's not good (that's possible even with the dumb coins, I recently heard that the turkish one kurus costs two and a half turkish kurus). (edit: when I say "cost" I mean the production cost)

The 1 kurus was stopped being manufactured (still have one though: https://s.ave.zone/969.JPG )

Well, a pound coin is used more than once, and there is tax applied on every time it is used, so it'll pay off for itself in a relatively short timespan, imo. Plus, it pretty much beats counterfeits, so loss from that is gone too.

Problem with 1 kurus was that it wasn't used often, the monetary value was small and that it had no anti-counterfeit stuff. Also, people were melting it and selling it. You can't really sell a broken or write-protected rfid chip for much.

Re: The new £1 Coin

#414

Post by ardaozkal »

Keverw wrote: post #210
ardaozkal wrote: post #129

Earlier 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…

Can't RFID chips to be copied though?

They can, depending on how they work. If the values are being fetched from a secure chip, however, I believe it's not as easy. And as I said, even if it is copied, unless it is spent VERY carefully, it can be spotted and marked as copied.

Here's mifare desfire EV2's leaflet that talks quite a bit about the security features it has: http://www.nxp.com/documents/leaflet/MIFARE-DESFire-EV2-Leaf...

Re: The new £1 Coin

#415

Post by ardaozkal »

Keverw wrote: post #214
kuschku wrote: post #188

Earlier quoted context omitted.

> (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 hard…

Well, the standardization was covered by others, so here's stuff about forgery:

The Turkish Govt's new ID allows you to- no, it requires you to set a password. You are given an 8 character PIN code when you apply for the ID, and you can change it from the kiosks at the citizenship bureau. It allows between 4 and 16 characters (while I chose 16 myself, most people will choose a 4 character one :( ).

Plus, even if it gets stolen along with the password, technically the certificate can be revoked as soon as you report it, preventing forgery.

Re: The new £1 Coin

#416

Post by wtvanhest »

dang wrote: post #409
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.

We detached this subthread from https://news.ycombinator.com/item?id=13967100 and marked it off-topic.

Yeah, that seems reasonable. This got way out of control.

Re: The new £1 Coin

#418

Post by noja »

robin_reala wrote: post #385
noja wrote: post #370

Earlier quoted context omitted.

The website is not for the Royal Mint, which of course needs a dot com address, this website is for the new UK pound coin. Why does the new UK pound coin, with a UK audience, not use a UK domain?

Oh, oops, hadn’t realised what you meant. Presumably seeing as it’s not a company though a .info would be more appropriate though?

.info would also be non-uk.

There is the .uk domain in the uk, so www.newpoundcoin.uk would work.

Re: The new £1 Coin

#419

Post by OJFord »

ojr wrote: post #354
OJFord wrote: post #314

Earlier quoted context omitted.

> It doesn’t really matter so long as they circulate like other currency though. Except that it's all profit for the criminals counterfeiting them.

it cost money to make money though so not all profit

Sure. I don't see what that changes though - my point is that counterfeiting is profitable for the (criminal) counterfeiters, so it's not the case that it "doesn't really matter".

Re: The new £1 Coin

#420

Post by gejjaxxita »

petercooper wrote: post #192
andy_ppp wrote: post #136

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?

Not sure if this is flawed, but I want to attempt an analogy that felt right to me.. Let's say they figured out catching a thief cost £500 and it became public knowledge the police wouldn't investigate any theft under £500. The cost of transitioning to the £1 seems worth it to prevent further abuse.

Your analogy is flawed because you are discussing investigating a crime that has been committed. The purpose of the new coin is to prevent the crime from being committed in the first place by making it harder to commit.

Given the expense of rolling out the new coin, it probably makes more sense from a economic and moral point of view to spend money investigating these crimes rather than preventing them.

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