Monday 22 September 2008

Sound as a pound?

The number of counterfeit one pound coins in circulation has doubled in the last five years, a report by the BBC revealed on Monday.

More than 30 million pound coins -- one in every 50 in circulation -- are believed to be fake as organised criminal gangs continue to flood the monetary system.

The illegal coins are generally easy to spot but are so common that it is difficult for many traders who deal in small change to regulate their flow.

In response, the Royal Mint described the counterfeit rate as "a comparatively low incidence of counterfeit coins by international monetary standards.
"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," it said.

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