One in every 36 £1 coins in circulation is a fake, according to new figures from the Royal Mint.
The last financial year saw almost two million of the counterfeit coins returned to the Mint – more than 23 times the number returned during the previous financial year.
Retailers and other groups have been warned to stay alert to counterfeit coins in order to minimise the number entering circulation. Automated deposit systems are able to detect fakes, but coins can remain in circulation for lengthy periods before they are found.
Fakes often use incorrect typefaces around the edges, or have poorly executed lettering. The Queen’s head will be lined up on both the front and reverse of genuine coins, while this is often not the case on counterfeits.
Counterfeit coins also often do not bear the correct design for the year of issue. The official design changes every year, and can be found on the Royal Mint website.
It is thought that the number of counterfeits in circulation could be even higher during 2010. More than 187,000 fake £1 coins have been found since April.
Passing on a coin that you know to be counterfeit, for example to a customer, is a criminal offence.
