Arthur Posted March 18, 2014 Posted March 18, 2014 (edited) What do you think? Better than the old £1 coin? Source: BBC A new £1 coin, designed to be the "most secure in the world", is set to be introduced in 2017. It comes amid concerns about the 30-year old coin's vulnerability to counterfeiting, with an estimated 45 million forgeries in circulation. The new coin is based on the design of the old 3d (three penny) piece, or threepenny bit, a 12-sided coin in circulation between 1937 and 1971. A competition will be held to decide the image on one side of the coin. The Royal Mint, which believes 3% of existing £1 coins are fake, said the move would increase "public confidence" in the UK's currency and reduce costs for banks and other businesses. Edited March 18, 2014 by Arthur
Popular Post GREED Posted March 18, 2014 Popular Post Posted March 18, 2014 It looks like a quality street! 5
speckytecky Posted March 19, 2014 Posted March 19, 2014 Ironic that it's threepenny bit shaped - here in 2014 it's probably worth about the same in actual buying power as the genuine article was at it's demise in 1973! 1
laserblazer Posted March 19, 2014 Posted March 19, 2014 I think there's a danger that unscrupulous people will file the edges off and pass them off as 10p!
Popular Post FN-GM Posted March 19, 2014 Popular Post Posted March 19, 2014 They should get rid of the £1 coin and have plastic £1 notes instead. Hate carrying around coins. 5
abillybob Posted March 19, 2014 Posted March 19, 2014 It will cost us a fortune, all car parks machines will need to be changed, vending machines, shopping trolleys everything that takes a £1 of today will have to be changed and this means higher costs on those machines we use everyday as the new one has just cost a fortune to put in so they need to get their money back someway! It's stupid yet another government theme thought up to force people to spend more unnecessary money and put it back in the economy, and for what.... a new coin!
sparkeh Posted March 19, 2014 Posted March 19, 2014 They should get rid of the £1 coin and have plastic £1 notes instead. Hate carrying around coins. Along with this, can retailers just stop making things 1p less than a full pound (eg 99p, £1.99 etc) its very irritating and we know what they are doing!
pcstru Posted March 19, 2014 Posted March 19, 2014 If ever there was a subject where everyone was going to throw in their tuppence worth... 3
JJonas Posted March 19, 2014 Posted March 19, 2014 Could be time for my dad to sell his thrupenny bit collection.
rich_tech Posted March 19, 2014 Posted March 19, 2014 I think sadly its a necessary evil this, pound coin counterfeiting is rife to the point where its not really checked anywhere from what I can see, you can tell easy enough at the moment which ones are fake or not too, usually horrible machining of the writing on the edges. New design doesnt seem that bad to me, nice and quirky
FN-GM Posted March 19, 2014 Posted March 19, 2014 Along with this, can retailers just stop making things 1p less than a full pound (eg 99p, £1.99 etc) its very irritating and we know what they are doing! They do it in Australia. They don't have 1 & 2 cent coins. But they sell stuff at 99c so it gets rounded to $1 anyway. Why bother?
sparkeh Posted March 19, 2014 Posted March 19, 2014 Could be time for my dad to sell his thrupenny bit collection. Vintage Page 3 collection?
pcstru Posted March 19, 2014 Posted March 19, 2014 It will cost us a fortune, all car parks machines will need to be changed, vending machines, shopping trolleys everything that takes a £1 of today will have to be changed and this means higher costs on those machines we use everyday as the new one has just cost a fortune to put in so they need to get their money back someway! It's stupid yet another government theme thought up to force people to spend more unnecessary money and put it back in the economy, and for what.... a new coin! Coin mechanisms tend to have a limited life anyway. Mostly machines will just be replaced as they are due. Some machines are easy to configure for new coinage - it's something that happens from time to time, so good designers factor it in.
abillybob Posted March 19, 2014 Posted March 19, 2014 They do it in Australia. They don't have 1 & 2 cent coins. But they sell stuff at 99c so it gets rounded to $1 anyway. Why bother? Shopping scam? Shops will do that so your unconscious mind will think due to the lack of a 3rd zero it's cheaper than a whole £1.00 thus you're more likely to buy the item. It has been proven to work but cba to find the artical!
korifugi Posted March 19, 2014 Posted March 19, 2014 Am I the only person thinking about the cost to produce them as well??? I'm not saying each'll cost more than £1 to produce - but you have to wonder about the production costs.
localzuk Posted March 19, 2014 Posted March 19, 2014 (edited) It will cost us a fortune, all car parks machines will need to be changed, vending machines, shopping trolleys everything that takes a £1 of today will have to be changed and this means higher costs on those machines we use everyday as the new one has just cost a fortune to put in so they need to get their money back someway! It's stupid yet another government theme thought up to force people to spend more unnecessary money and put it back in the economy, and for what.... a new coin! It is to reduce counterfeiting! The pound coin is ridiculously copied all over the place. When I was at uni, we pretty much had to test every coin it was so rife. Am I the only person thinking about the cost to produce them as well??? I'm not saying each'll cost more than £1 to produce - but you have to wonder about the production costs. The value to the economy well exceeds the cost to produce a coin. Edited March 19, 2014 by localzuk
abillybob Posted March 19, 2014 Posted March 19, 2014 In all my life I have never had a counterfeit coin, nor did I even know they existed until that post came up, suppose it could depend on where you live!?
sparkeh Posted March 19, 2014 Posted March 19, 2014 In all my life I have never had a counterfeit coin, nor did I even know they existed until that post came up, suppose it could depend on where you live!? I seriously, seriously doubt that given the amount in circulation. I dropped a 50p once that shattered. :S
hardtailstar Posted March 19, 2014 Posted March 19, 2014 As long as I can buy stuff with it then im fine with it.
GREED Posted March 19, 2014 Posted March 19, 2014 Shopping scam? Shops will do that so your unconscious mind will think due to the lack of a 3rd zero it's cheaper than a whole £1.00 thus you're more likely to buy the item. It has been proven to work but cba to find the artical! It's not a scam it is marketing psychology. But these days we actually like even more when shops just say £1 and not £0.99
korifugi Posted March 19, 2014 Posted March 19, 2014 The value to the economy well exceeds the cost to produce a coin. Oh good - are they still on about getting rid of the copper coinage as well? I'm sure I've had some counterfeit coins in my time - but I've always found that the machines in Sainsburys don't seem to mind them.
Sdrawkcab Posted March 19, 2014 Posted March 19, 2014 In all my life I have never had a counterfeit coin, nor did I even know they existed until that post came up, suppose it could depend on where you live!? You definitely have, you probably just couldn't tell the difference. Three of the six people in my office had counterfeit pound coins when we checked just now. The easiest way to check is to look for off-centre writing around the edges/illegible writing around the edges.
localzuk Posted March 19, 2014 Posted March 19, 2014 Oh good - are they still on about getting rid of the copper coinage as well? I'm sure I've had some counterfeit coins in my time - but I've always found that the machines in Sainsburys don't seem to mind them. Pennies and Two pence pieces are copper plated steel anyway, not completely copper. The change away from bronze (97% copper) coins happened around 1992!
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