In scam and fraud news, it has been reported that around 44 million 1 pound coins are counterfeit, that comes to about 3% of all those currently in circulation. This discovery was made during one of the Royal Mint's six-monthly checks on forged money.
By EMILY NASH
April 2, 2012
THREE in every 100 pound coins are FAKE, it emerged yesterday.
The Royal Mint has discovered that about 44 million £1 coins — three per cent of all those currently in circulation — are counterfeit.
Millions of people who spend them or pass them on as change in daily transactions could be breaking the law without even realising it.
Tell-tale signs of fakes include badly-defined edges and a date and design on the reverse which do not match.
The discovery was made during one of the Royal Mint's six-monthly checks on forged money.
Lord Sassoon, Commercial Secretary to the Treasury, said the number of fake banknotes taken out of circulation last year was about 374,000. Most were £20 notes.
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