New Pound Coin

[Asumel]

Just saw on the news this morning,

http://www.bbc.co.uk/news/uk-politics-26632863

What do people think?

I'm not too sure about it, though I don't really like the three pence due to that same shape.

[Debbie]

I like it. Wonder if it will still work in the current vending machines?

[sound]

Another marketing opportunity for the Royal Mint?

Mark

[Asumel]

I like it. Wonder if it will still work in the current vending machines?

Probably not.

[Gary1000]

Another marketing opportunity for the Royal Mint?

Mark

An opportunity to blow off some old machinery to save some money. I guess the 2017 £ has about the same buying power as the 1967 3d as well.

[Nordle11]

I like it. Wonder if it will still work in the current vending machines?

Probably not.

It must do, wasn't that one of the reasons that 50ps were made with slightly elliptical edges, instead of flat edges?

[Colin G.]

They really do get obsessed with detail to stop faking, but many people just do not even look at a pound coin, as long as it feels right it will get spent. I don't think I have EVER had anyone reject a pound coin as fake when trying to spend it. I agree that it is more likely to be a move to try and generate some business...vending machines, shopping trolleys.

I always liked the thrupenny bit, it had some weight to it, but you can guarantee this new coin will certainly feel a lot lighter.

[Gary1000]

They really do get obsessed with detail to stop faking, but many people just do not even look at a pound coin, as long as it feels right it will get spent. I don't think I have EVER had anyone reject a pound coin as fake when trying to spend it. I agree that it is more likely to be a move to try and generate some business...vending machines, shopping trolleys.

I always liked the thrupenny bit, it had some weight to it, but you can guarantee this new coin will certainly feel a lot lighter.

Apparently the RM is worried about the number of fakes in circulation. I don't see how this makes any difference, if the royal mint can make them so can anybody else. There's nothing magic about the presses they use.

[azda]

People have been faking coins for centuries.

[DaveG38]

I'm slightly intrigued by the economics of counterfeiting. You've got the cost of the brass, not much I admit, then there's the casting process (most seem to be cast) including the smelting costs etc. Add to this the problems of getting the milling roughly right and the edge inscription and I'm surprised any amateur can make a profit out of it, even when carried out on a large scale.

At the end of the day, it's a pound coin, which won't even buy you a cup of coffee, so getting large numbers into circulation in order to see a profit looks very tricky as well. It's not as though you can take bag fulls to the bank to pay into an account - even the most clueless bank clerk will pick up that something is wrong when they see bags full of what appear to be fake coins. Bank CCTV would likely pick up who was responsible and then its just a case of sorting out the account and sending in the boys in blue. So how do they circulate them in any quantities I wonder?

[Peter]

People have been faking coins for centuries.

Part of history.

An important part.

[Peter]

I'm slightly intrigued by the economics of counterfeiting. You've got the cost of the brass, not much I admit, then there's the casting process (most seem to be cast) including the smelting costs etc. Add to this the problems of getting the milling roughly right and the edge inscription and I'm surprised any amateur can make a profit out of it, even when carried out on a large scale.

At the end of the day, it's a pound coin, which won't even buy you a cup of coffee, so getting large numbers into circulation in order to see a profit looks very tricky as well. It's not as though you can take bag fulls to the bank to pay into an account - even the most clueless bank clerk will pick up that something is wrong when they see bags full of what appear to be fake coins. Bank CCTV would likely pick up who was responsible and then its just a case of sorting out the account and sending in the boys in blue. So how do they circulate them in any quantities I wonder?

When working in the London they were available everywhere.The cleaners and sandwich lady would sell them.

I bought some out of interest.

My wife found some and spent them in M&S.

[TomGoodheart]

Should I save the rest of my brass thruppences then? For the new vending machines and Tesco trolleys?

. So how do they circulate them in any quantities I wonder?

Small local shops and mini-cabs in my area. Used to get them handed over in change. And of course, once in circulation they continue.

I too see little problem now they are out there. People inevitably accept them - who wouldn't since if you handed on in at a bank you'd lose £1!

But the cost of making a whole new issue of coins which will (by 2017) buy you less than 1/3 of a cup of coffee? Nah, more of a marketing ploy I think.

Edited March 19, 2014 by TomGoodheart

[Asumel]

There are guys at the university who have loads, people make them the right size and weight in a cheaper metal/ alloy and run them through the slide prep machine for the Electron microscope which uses a thin layer of gold to coat the sample, this coats the coin which they then use, or get caught doing it hence the large collection at the uni

[Peckris]

One wonders where Osborne got his example from, particularly as the reverse hasn't been decided on yet..

[Chris Perkins]

That would logically mean then, that all of the existing round £1 coins (real ones and fakes) would be demonetised fairly quickly and they would therefore have to mint enough new dodecahedron coins (1.5bn+ ?) to replace 34 years worth of £1 coins! It's a massive task in order to eliminate £45m in fakes.

Osborne's must be a uniface pattern I suppose. I wonder if he gave it back.

[Varietalis]

I wonder if the new £1 will lead to a growing interest in the brass threepence and perhaps even push up prices in this particular series. Talking about brass threepence, does anyone know where I can lay my hands on a BU 1956? This is a surprisingly difficult year to find in BU. If anyone has a BU specimen for sale please PM me.

[davidrj]

I can see micro-variety fans having a field day with missing bits of micro script

[Nordle11]

"New Bi-Metal £1 coin - 7 O'clock 'One Pond' error in BU. UNRECORDED AND EXCESSIVELY RARE!!!!" That last part was for Rob

[Asumel]

I can see micro-variety fans having a field day with missing bits of micro script

It looks like the whole coin is indented from the rim?

Seeing a bigger picture is making me not like it more,

They have the opportunity to design a unique coin and instead they re-hash old ones

[Debbie]

That would logically mean then, that all of the existing round £1 coins (real ones and fakes) would be demonetised fairly quickly and they would therefore have to mint enough new dodecahedron coins (1.5bn+ ?) to replace 34 years worth of £1 coins! It's a massive task in order to eliminate £45m in fakes.

I guess if it is compatible with the old £ coin then they could phase it in gradually over several years, rather like the old 5P coin and the shilling.

[davidrj]

And edge on

bit of a squeeze when they get to 2038 MMXXXVIII, maybe we'll be using Euros or even Roubles by then

And can we have proper thrupenny bit smooth and sharp corners please?

[Asumel]

An interesting read

http://www.bbc.co.uk/news/blogs-magazine-monitor-26637515

the blind and £1 coins

[Nordle11]

And edge on

bit of a squeeze when they get to 2038 MMXXXVIII, maybe we'll be using Euros or even Roubles by then

And can we have proper thrupenny bit smooth and sharp corners please?

So are we going to have 2017 coinage with the MMXIV written down the side?

Why not just mock up a picture with MMXVII on it?!

[davidrj]

Why not just mock up a picture with MMXVII on it?!

I suspect that is an actual pattern, wonder what's on the reverse