The Royal Mint has released figures that state that one in every fifty £1 coins is a fake. The report also says that the number of counterfeit coins in circulation could be as high as £30 million; that’s double what it was just 5 years ago.
It is believed that the fake pound coins are being manufactured by criminal gangs who use specialist machinery, and although counterfeit coins are easy to spot, the sheer number in circulation causes problems for traders that deal in cash for the majority of their transactions.
The Royal Mint conducted its test earlier this year and determines that roughly 2% of pound coins are fakes; this has doubled since a similar test was conducted in 2003, in which only 1% was estimated to be counterfeit.
The Royal Mint also reiterated that it was a criminal offence to manufacture or use counterfeit coins, adding that if anyone thought they had such a coin, not to spend it.
Add A Comment