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Fake £1 coins



Nibble

New member
Jan 3, 2007
19,238
Just heard on the wireless that a chap has been caught with 19 million pieces of metal destined to be turned into fake £1 coins. Got me thinking. How on earth would you go about getting those into circulation? I know people probably buy loads of them on the black market, but how do they then circulate them? That is a hell of a lot of anything to get rid of. You can't just walk into a bank with loads of them and you'd be hard pushed to claim a win on the fruity with enough of them to make it worth your while. Obviously there's a way to do it but I'm baffled.
 

Thunder Bolt

Ordinary Supporter
Apparently there is about 40,000 fake coins in circulation which is why the new £1 coin is going to be shaped like a thruppeny bit, which will be harder to make.
 

Nibble

New member
Jan 3, 2007
19,238
Possibly distribute them among various fences abroad?

I imagine it works that way but was just baffled how they could then get rid of enough to make it worth one's while.
 

pasty

A different kind of pasty
Jul 5, 2003
30,152
West, West, West Sussex
Apparently there is about 40,000 fake coins in circulation which is why the new £1 coin is going to be shaped like a thruppeny bit, which will be harder to make.

And 2 colours as well.

Coin-221810_2856066b.jpg
 


Triggaaar

Well-known member
Oct 24, 2005
49,900
Goldstone
Got me thinking. How on earth would you go about getting those into circulation?
With great difficulty.

I have a question too. Countries print their money, so they're the best at it. They're better at it than the fakers. What's to stop a dodgy country printing foreign money (like US dollars)?
 

Nibble

New member
Jan 3, 2007
19,238
Apparently there is about 40,000 fake coins in circulation which is why the new £1 coin is going to be shaped like a thruppeny bit, which will be harder to make.

Yeah, hard that on R2 a min ago. I remember when I worked in loss prevention/stock control in town and a guy came in with a fake £20 to pay for something. He claimed he was given it as change at the burger stand outside Churchill square. He went rather red when I pointed out that to get a £20 note as change for a £1,50 burger he would have had to try to pay for it with a £50, which is highly unlikely.
 

Nibble

New member
Jan 3, 2007
19,238
With great difficulty.

I have a question too. Countries print their money, so they're the best at it. They're better at it than the fakers. What's to stop a dodgy country printing foreign money (like US dollars)?

I believe the Germans tried something similar in WW2?
 


Triggaaar

Well-known member
Oct 24, 2005
49,900
Goldstone
Apparently there is about 40,000 fake coins in circulation
I imagine it works that way but was just baffled how they could then get rid of enough to make it worth one's while.
I think the fact that the total is only 40,000 in circulation now, means that it's not really possible for one person to get another 19 million into circulation.
 

Justice

Dangerous Idiot
Jun 21, 2012
18,180
Born In Shoreham
Just heard on the wireless that a chap has been caught with 19 million pieces of metal destined to be turned into fake £1 coins. Got me thinking. How on earth would you go about getting those into circulation? I know people probably buy loads of them on the black market, but how do they then circulate them? That is a hell of a lot of anything to get rid of. You can't just walk into a bank with loads of them and you'd be hard pushed to claim a win on the fruity with enough of them to make it worth your while. Obviously there's a way to do it but I'm baffled.
Very easy, they are sold for 40-50p each
 


Nibble

New member
Jan 3, 2007
19,238
The same way drug dealers get rid of high quantities of drugs I would guess, by selling them to dealers who then sell to smaller scale dealers until they ultimately reach the street dealers and the punters.

I imagine you're right. But £19 M worth? Bonkers!
 


Nibble

New member
Jan 3, 2007
19,238
Maybe he just intended to shop in Poundland one item at a time for the rest of his life.

Edit: Yes, £45M worth out there.
 

symyjym

Banned
Nov 2, 2009
13,138
Brighton / Hove actually
Just heard on the wireless that a chap has been caught with 19 million pieces of metal destined to be turned into fake £1 coins. Got me thinking. How on earth would you go about getting those into circulation? I know people probably buy loads of them on the black market, but how do they then circulate them? That is a hell of a lot of anything to get rid of. You can't just walk into a bank with loads of them and you'd be hard pushed to claim a win on the fruity with enough of them to make it worth your while. Obviously there's a way to do it but I'm baffled.

I presume that on the first level, as an example, they would sell a £1000 worth at something like £250, and then the people that bought them would sell them at £40 for a £100's worth, then the next one down would sell them at £5 or £6 per £10's worth.

I'm not saying this would be the exact breakdown and some will probably buy tens of thousands if not hundreds of thousands several times from the main guy to distribute down.
 


Nibble

New member
Jan 3, 2007
19,238
wholesale they would be much cheaper I would imagine.

I see what you are saying. Fake money is always sold at a fraction of it's "face value" but I mean the physical act of shifting enough of them to make it worthwhile. Sell them abroad fine but you then have to physically move a huge quantity of metal coinage. Even moving them domestically is going to raise significant issues.

Also wouldn't flooding the market with them make them almost worthless on the black market?
 

Nibble

New member
Jan 3, 2007
19,238
They're going to have a discussion on R2 about it in a bit. Hopefuly this question may get raised.
 

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