The Fight against Counterfeiting: The New One Pound Coin

One of the biggest issues for the UK finance market is counterfeiting. It’s counterproductive and ultimately costs our economy millions of pounds every year. That is why the UK government is taking its fight against counterfeiting a step further with the introduction of a new one pond coin.

There tends to be this culture, Kiran Trivedi readers, of regarding counterfeiting as something that only happens in organised crime. The truth is, however, that it happens in every single city, town and village in this country and it has a direct effect on your personal finances.

 This is because if what happens when counterfeit money enters circulation. Eventually it is found out, and taken out of circulation; this means that money is being taken out of our economy, which rebounds on all of us. This is why counterfeiting can have a direct effect on your bottom line.

 The government, indeed most governments around the world, have long been dedicated to battling counterfeiting, and with certain measures have proved effective in the battle against counterfeit notes. Now it is fairly easy to spot a counterfeit note as long as you have a UV pen.

 However, the battle against counterfeit coins has been somewhat unsuccessful. There are an estimated 45 million counterfeit one pound coins in circulation. This is set to change, as in 2017 the government is planning to introduce a new counterfeit proof one pound coin.

 The coin apparently is set to be designed based on the shape of the old 3d coin (three penny) coin. This was a 12 sided coin that was in circulation between 1937 and 1971, before coinage went decimal.

 The Bank of England believes that this coin will be effective in reducing the estimated 3% of one pound coins that are counterfeit The news is even making it into the yearly budget. Chancellor George Osborne tweeted a picture of the one pound coin next to the budget box before he delivered the annual plan, saying that: "Today I will deliver a Budget for a resilient economy - starting with a resilient pound coin."

Of course, Kiran Trivedi readers, this isn’t going to affect your personal finances in the short term; however it will in the long term. As 2017 approaches, you are going to need to know how this will work, so keep your eyes open and your ear to the ground.

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