This week, most major news in Britain were giving the same message; Beware of rising fake £1 coins in circulation. You need to know how to spot a fake £1 coins. Their warning came as new figures indicated there were £41 million fake £1 coins in Britain; one in every 36 in circulation. This is a record level and suggests that the proportion of counterfeit coins had tripled in the last decade.
"This has a huge effect on confidence in our currency. Clearly the one pound coin is something the Royal Mint needs to reconsider. Even one in a hundred fake coins is too many. The effect on consumers has to be a major consideration. if you take it to the shop that gives it to you they may replace it on trust, but they don't have to. A lot of people have lost out because of this. I hope that the Government will look at it more deeply," Mr Rossindell said.
Robert Matthews, the former Queen's Assay Master at the Royal Mint, the most senior coin tester in the country, said: "If the number of fakes keeps increasing at this rate, there will have to come a point when the Treasury makes the decision whether to remint or not."
Scrapping the £1 coin would be very expensive for the Government as well as major upheaval for consumers. However, other countries have been forced to take similar action when counterfeits became too prevalent. The 5 rand coin in 2004 was reissued after taxi-drivers and shopkeepers in South Africa started to refuse to accept them. Fakes were just 2 per cent of all coins, compared with 2.81 per cent with the British £1.
Experts said it was becoming increasingly difficult for shoppers in Britain to spot a fake. The only time they usually notice is when they are rejected by a parking meter or vending machine, which contain devices to monitor whether the metal composition of the coins are correct. However, at least half the fakes are now so good they pass these tests.
How to spot a fake £1 coin:
- Indistinct lettering or wrong typeface on edge
- Queen's head and pattern on reverse should both be upright when coin is turned over
- Design on reverse should correspond with official design for year of its issue
One way to identify a fake is to check the alignment of the coin. By holding it so the Queen's head is upright and facing you - when you spin it round, the pattern on the reverse should also be upright. Fakes can often be at an angle. The Royal Mint's online design portfolio can also be used to easily identify what is genuine and what is not. Since they were introduced in 1983, the design on the reverse of the coins has changed every year.
This is the complete set of UK one pound chart that you can hunt for.
Date Reverse Description
1983 Ornamental royal arms.
1984 Thistle sprig in a coronet, representing Scotland.
1985 Leek in a coronet, representing Wales.
1986 Flax in a coronet, representing Northern Ireland.
1987 Oak tree in a coronet, representing England.
1988 Crown over the Royal Shield.
1989 Thistle sprig in a coronet, representing Scotland.
1990 Leek in a coronet, representing Wales.
1991 Flax in a coronet, representing Northern Ireland.
1992 Oak tree in a coronet, representing England.
1993 Ornamental royal arms.
1994 Lion Rampant in a double tressure flory,representing Scotland.
1995 Dragon Passant representing Wales.
1996 Celtic cross and pimpernel, representing Northern Ireland.
1997 Three lions passant guardant, representing England.
1998 Issued in collectors' sets only, not for circulation.
1999 Issued in collectors' sets only, not for circulation.
2000 Dragon Passant representing Wales.
2001 Celtic cross and pimpernel, representing Northern Ireland.
2002 Three lions passant guardant, representing England.
2003 Ornamental royal arms.
2004 Scottish Forth Railway Bridge
2005 Welsh Menai Straits Bridge
2006 Northern Ireland Egyptian Arch at Newry
2007 English Millennium Bridge
2008 The shield from the Royal Coat of Arms.
Source: Telegraph.co.uk, BBC News.
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