50 million fake £1 coins circulating in the UK: Morning Report
- Published: Jan 21, 2015, 3 AM
1. Pound problems
No wonder a newly shaped £1 coin is on the way.
The Bank of England believes there are 50 million fake £1 coins in circulation, according to a Jan. 20 Daily Mail report.
If accurate, that means one out of every 30 £1 coins is a phony.
"Industry specialists say it costs around 20 pence per coin to make a fake £1 coin. The fakes are sold on the black market to distributors for around 70 pence each," the Daily Mail reports.
The Royal Mint is pushing back against counterfeiters by releasing a new 12-sided £1 coin in 2017.
2. Precious metals pricing
Kitco.com listed the following prices per ounce at 9:32 a.m. ET Wednesday:
3. What's new on CoinWorld.com?
With the 2015 Florida United Numismatists show behind us, we're looking ahead to the Long Beach Expo at the end of the month.
4. Yesterday's most-viewed post
5. Wait a minute ...