influx of fake £1?

[scott]

is it me or have there been more fake £1's, past few weeks i have found 2, sadly they are so obvious (wrong obverse with reverse, bigger, smudgier legends, obverse/reverse dont even align, there is hardly any detail on the designs), how are these even getting into circulation so easily

[The Dark Numismatist]

They are circulating freely because generally people are ignorant of the differing dates/reverses and edge inscriptions and in any case do not closely scrutinise the coins in their change. I also think that the banks do not educate their staff in what to look for in a counterfeit pound coin for two reasons: (a) there are so many in circulation that if their staff were to withdraw all bad coins they would make quite a loss on those coins; ( if their staff are aware that they are passing dud coins they, and the banks, would be guilty of a criminal offence which is to knowingly pass (or utter) a counterfeit coin. The Royal Mint estimates that there are 30 million fake pounds in circulation, but this is almost certainly an underestimate, especially after Marcus Glindon, jailed in December 2007 for 5 years had produced 14 million one pound coins. In the south east where I live it is not unusual to get them in your change and I have estimated that currently 4.6 per cent of pound coins are fake. I would be interested in seeing the two that you have found if you are able to post a photo of them.

[scott]

i know stores do educate about fake notes.

i was reading about him, whether these are by him or not though, they do seem poor though, i'll and try get a picture of them.

dunno whether to try and get rid or keep hold of them though

[Cerbera100]

i know stores do educate about fake notes.

i was reading about him, whether these are by him or not though, they do seem poor though, i'll and try get a picture of them.

dunno whether to try and get rid or keep hold of them though

Keep hold! I've pulled about 40 out of circulation in the last six months... and thats only when I've plenty of cash on me! As the Dark Numismatist says, its an offense to knowingly pass them on.

I've also managed to educate some friends and family, so they a either rejecting or picking them out as well.

[TomGoodheart]

I've collected a few - about £20 worth - but having picked out the worst of the bunch (wrong / out of alignment reverses, extra poor casting, wrong colour (one in lead, painted gold!)) I've given up and just pass them on. A few I've kept for a friend who claims he knows someone with over 200 of the things, but they are only a passing interest to me.

I have however noticed I get more from certain shops and taxi firms than others and haven't seen the numbers coming my way substantially decrease, despite the recent arrest of Mr Glindon.

The bottom line is that, like counterfeits throughout history, there is little incentive to hand them over to the authorities. You lose a quid, and a numismatic curiousity.

Edited February 15, 2009 by TomGoodheart