Tuesday, 23 September 2008

Do You Have Fake Coins or Paper Money in Your Pocket?

Did you know that the number of fake coins in circulation has doubled in recent years? I didn't! So just as we are trying to out smart the counterfeit guys on the Paper Money front we now have to be aware that our coins are under attack.

This is the problem with greed, forging £5, £10, £20, notes is not working out so £1 coins are now under attack. Nothing is too small for these guys so watch out. Regardless of what we think it is big money for the bad guys.,up to £2 million a year! That's huge!

So what's the consequences of forging coins, it's criminal and carries a 10 year sentence, worse still not only forging coins but using them is illegal in Britain, so what out and be careful what coins you collect as change.

How can you tell that a coin is fake? One tell tale sign is when your coin wont work in a vending machine, this has happened to me a couple of times, another sign is when the inscription on the edge of the coin is not distinct or lettering type is wrong. Another thing is if the head of the Queen and the reverse image are aligned differently.s

I am really concerned about this trend as there is no protection against this kind of deceit. How many of your coins in your wallet right now are the real thing? I am now more concerned about coins than I am of paper money.

1 comment:

lenno_cornish said...

I have never seen fake money. I think it's really difficult to define them and I will be attentive.