New pound coin

I note that a new £1 coin is being introduced on Tuesday. This will include a hidden high-security feature built into the coin to protect it from being illegally copied but the details haven't been made public.

This suggests that the public will not be able to identify a dud coin from a real one. Just like the old coins.

Am I missing something? [Other than the obvious]

JA

My first reaction was that it looked rather like the old threepenny bit

... then I found this: **LINK**

http://www.royalmint.com/shop/h/hisoneth

[sorry, that doesn't answer your question]

MichaelG.

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https://www.thenewpoundcoin.com

iSIS : http://www.gizmodo.co.uk/2014/03/what-is-the-new-1-coins-isis-security-system/

Edited By Michael Gilligan on 26/03/2017 23:45:39

Edited By Michael Gilligan on 26/03/2017 23:51:41

I'd guess it will have a steel core like the 10p , 5p & 1p coins

so its metal content doesn't cost more than its face value -

if not the ones issued on Tuesday  it will sooner or later

John

Edited By john swift 1 on 27/03/2017 00:01:06

Who exactly is going to take a thousand quids worth of counterfeit coins into a bank for exchange for good money?

Surely the losers will only be those that take their earnings or savings to the bank? So it won't stop them going into circulation, but might make it easier to trace the counterfeiters, I suppose.... until they get more resourceful....

Some of the old pound coin counterfeits were terrible, if you spot one do you take the hit and declare it fake or just pass it on?

Mike

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Maybe only someone too thick to have noticed the 'turn your coin savings into cash' machines in the supermarkets.

MichaelG.

http://www.coinstar.co.uk/coinmachine

Edited By Michael Gilligan on 27/03/2017 07:56:44

I think the hidden security feature will be inside, something like a hollow section to alter the weight or balance.

Edited By vintagengineer on 27/03/2017 08:19:23

Michael, I think your analogy is about right.
If you go back to my childhood in the late 40s, when inflation meant pumping your bike up, a Mars bar cost 3d.
Over the years, the size of the bar has been made smaller several times to keep the price down.
Thus, I reckon, an equivalent Mars bar today would cost about a quid.
So, I think they've got it about right.

Incidentally, does anyone else remember the days when a Mars bar was a treat for the family and sitting around the table while it was cut into pieces and hoping for an end piece which had more chocolate? Having one to yourself was not even in the dreams.

I can still remember feeling rich when entering the local sweet shop armed with a threepenny bit. It was able to purchase quite a lot in those days.I have noticed that the self service machines at the supermarket have been spitting out a number of one pound coins of late so there must be a lot of counterfeit ones about. One thing though it must be legal to machine a fake one.

Doug

I think the hidden security feature will be inside, something like a hollow section to alter the weight or balance.

Or it's electromagnetic "signature" - vending machine coin sorters have an inductive coil system to check this, along with the weight & size of the coin.

Nigel B

On the news this morning the guy at the Royal Mint showed that they have a small hologram on them...

Martin

Personally I would rather receive credit for all of my coins, rather than losing 9.9% as an 'admin fee' to Coinstar.

The fee is reduced to 7% if donating your 'voucher' to charity - I am sure the charity of your choice would prefer to have that 7% as well, and sort the coins themselves.

If attempting to cash in fakes, there is no guarantee that the Coinstar machine would accept the these either.

.

Sorry if I didn't go into detail

• -9.9% seems pretty reasonable if you are processing fake coins
• the Coinstar machines have accepted fakes of the current £1 coin
• it was recently estimated that approximately 1 in 40 of all  £1 coins in circulation were fake

There are obviously other channels available.

MichaelG.

Edited By Michael Gilligan on 27/03/2017 10:07:30

There's a part of me wondering if the mint may, in due course, need to redesign it to remove the thistle.

I am not disagreeing with you with regards laundering of fake coins, 90p in the pound is indeed a resaonable return, I was not aware that the machines had already proven successful with regards laundering in this regard - begs the question why the producers bother putting them into circulation, just dump them straight into one of these machines for a suitable voucher.

Although one has to question the return on investment for those counterfeiting £1 coins in the first place, you must need tens of thousands of them to just cover the equipment and manpower costs of producing them, and then you have to get them into circulation. £20 notes on the other hand, much faster ROI, but more people will bother to check them for being genuine.

However with regards processing my own non fake coins, I would prefer to receive all of the funds, rather than be subject to an admin fee.

Martin g ........as a cockney lad threppinny bits were of great interest🚺🚺🚺🚺

You mean it wasn't just my Mum who went through this ritual!

And the joy of saving up enough pennies to buy a quarter of sweets instead of having to be happy with two ounces!

Neil

Yes, but getting to see them seemed to be much more difficult in my youth.😉

Anyway back to the new pound coins, I expect the forgery brigade will be investigating the idea already!

Edited By V8Eng on 27/03/2017 11:41:52

Edited By V8Eng on 27/03/2017 11:43:06

The simple solution to the problem of getting rid of a large number of coins is to use the self-service checkout at these supermarkets.

Not long ago and over a period of a week or so, I managed to 'shift' more than £60 worth of small change by using the rather useful facility of these tills that counts coins without help from the user. So if your bill comes to say, £13.51, then just chuck as much change in as you dare and 'top it up' with a fiver - the till does all the hard work for you and returns change as required.

Martin.

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I don't really like posting assertions without any substantiating evidence, so:

**LINK**

http://www.bbc.co.uk/news/uk-wales-north-east-wales-27542830

MichaelG.