Counterfeit Pound Coins Double, How to Detect a Fake £1
The number of counterfeit £1 coins in circulation has doubled in the last five years, according to new figures released by the Royal Mint and reported by the BBC. Two percent or 1 in 50 pound coins are fake, and based on production, that would account for some 30 million counterfeit £1s circulating.
In its last Annual Report, the Royal Mint indicates it conducts two yearly surveys and collects a "representative sample base." They noted an upward trend in fake coins, which they "shared with the Police who have had some notable successes in closing down illegal operations during the year."
With the actual figures now made public through the BBC, concern has risen according to news reports. As one cited example, Robert Matthews, former Queen’s Assay Master, said:
