Wednesday 28 July 2010

Sure about the £1 in your pocket, really, really sure?

Daily Mail
According to reports in the Daily Mail and Telegraph, the Treasury have announced that there are £41m fake £1 coins in Britain – meaning one in every 36 in circulation is of no value…
The level of fake coins is getting worse. This is Money reported in September 2008 that one in 50 was a fake and last year Treasury figures suggested one in 40 were fake.
Small shopkeepers, including 'Pound shops' can suffer from accepting a fake £1 coin as they are not refunded by the bank if they attempt to deposit them with their daily takings.

The real issue is consumer confidence; already concerned about value reduction, if authenticity is challenged, then the only answer may be to remint the lot…

Or perhaps a shot of inflation to shift attention and usage to the £2 coin, and incentivise Pound shops to offer 3-for-2?

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