'30m fake pound coins in circulation'

Independent 22 September 2008

The number of fake £1 coins in circulation appears to have doubled in the last five years, it was reported today.

The results of a sampling test by the Royal Mint, obtained by the BBC, show that up to 2 per cent of all the pound coins in circulation may be fake - approximately 30 million coins.

The last time sampling test results were released was in 2003 when the number of forged pounds coins was estimated to be 1 per cent.

The BBC said it means that one in every 50 pound coins in circulation is counterfeit.

Robert Matthews, formerly the Queen's Assay Master until he retired to become a coin consultant four years ago, said confidence in coins collapsed in other countries when forgery rates reached similar levels.

He told the broadcaster: "In 2004, people started refusing to take the South African 5 Rand coin due to concerns about the number of counterfeits, and eventually the coin had to be redesigned and re-circulated.

"Independent surveys showed the number of counterfeits to be 2 per cent - the same as we've got here - and I'm worried that if we're not careful the same thing will happen to the pound coin."

In a statement, the Royal Mint said: "We track the counterfeit rate through regular surveys in the spring and autumn every year. The survey consists of taking a random sample of coins from across the country, and subjecting them to individual analytical inspection.

"It is a criminal offence to make or use counterfeited coins. Any member of the public who suspects they have a counterfeited coin should not attempt to spend it."