Fake coins

[TimberWolf]

The Bank of England has competition:

There are now so many fake £1 coins in circulation the Royal Mint could be forced to scrap all of the coins and reissue the entire denomination.
Record number of fake £1 coins

They could always replace them with a £10 note.

[Platypus]

The biggest losers are small shopkeepers who are not refunded by banks if they send fake coins from their tills.


Pah. Small shopkeepers don't bank pound coins, they just give them back as change.

[TimberWolf]

The biggest losers are small shopkeepers who are not refunded by banks if they send fake coins from their tills.


Pah. Small shopkeepers don't bank pound coins, they just give them back as change.

I suspect they do have £5 notes in the till when they tell you they haven't got any, while gleefully handing you a pocket full of pound coins. Either that, or they have someone come around and take away the notes at regular intervals so that they can palm coins off on customers.

[Moscow Mule]

Do banks do anything with bags of coins except recycle them back to shop keepers?

If I take a bag of £1 coins in and bank the proceeds, I'm pretty sure the bank doesn't track where that bag of coins has come from, much less check each individual coin for validity.

[AtW]

Just remember one thing - if you are using a coin that you are aware as a fake then in all probability you are committing a serious crime...

[sasguru]

Does it really matter with a fiat currency? The coin symbolises a value of £1, so surely a "fake" can do that as well as a "real" one?
What does the value of £1 really mean?

[thunderlizard]

The coin symbolises a value of £1, so surely a "fake" can do that as well as a "real" one?

Good point. By the way could you lend me a tenner? I'll pay you back when I've finished writing "£1" on all these cardboard circles.

[TimberWolf]

Does it really matter with a fiat currency? The coin symbolises a value of £1, so surely a "fake" can do that as well as a "real" one?
What does the value of £1 really mean?

It might even save us a few quid if counterfeiters can make them less expensively then the Royal Mint too.

[Moscow Mule]

Just remember one thing - if you are using a coin that you are aware as a fake then in all probability you are committing a serious crime...

Could you be any more vague?

[AtW]

Could you be any more vague?

Yes.