A major problem with huge value implications. But look on the bright
side, at least the proponents are too busy and raking too much in to focus on the ancient coin market. An interesting Tuscan connection is noted in the following extract.
Robert Matthews site has an interesting summary of the situation in
his Counterfeit Coin Newsletter No. 12:
http://www.coinauthentication.co.uk/newsletter12.html#one_poundcftsExtract from the newsletter follows:
British one-pound coin counterfeiting: a further updateThe size of the problemThe first six months of 2009 saw an unprecedented amount of coverage by Britain's national media of the number of
counterfeit one-pounds in circulation. This started on 29th January when
Martin Hickman, "The Independent", unveiled the results of the Royal Mint's autumn 2008 survey of circulating one-pound coins. This survey showed an increase of of
counterfeit one-pounds found from 2.06% in autumn 2007 to 2.58% in autumn 2008. These latest figures meant one in every forty one-pound coins circulating was
counterfeit, a total of about 37.5 million
counterfeit coins. The survey sampled 15,481 coins from 31 places in October and November 2008. The highest level of
fakes was found in Northern
Ireland at 3.6% with
London and the South-East second highest at 2.97%
counterfeits found.
As is current Fleet Street practice this story was copied, without acknowledgement, by a number of the other national daily papers.
On 8 April Ben Ando, BBC News, reported the views of Andy Brown, Willings Services Ltd, that the number of
counterfeit one-pound coins in circulation was much larger than found by the Royal
Mint. Willings make machines to check coins for other organisations such as local council
car parks. They
had found that up to 5% of the one-pound coins they tested were
counterfeit. This is twice the Royal
Mint findings and would mean one in every twenty one-pound coins is a
counterfeit or up to 73 million
counterfeit coins. Again this story was picked up by a number of national media outlets with very little original input.
Finally at the end of July, Ken Peters, President of the
Counterfeit Coin Club, release the results of a survey carried out by the club. Their volunteer "checkers" examined over 15,000 one-pound coins and found 3.26% were
counterfeit. This would mean one in every thirty circulating one-pound coins being
counterfeit or 48 million
counterfeits. The survey did not include any "checkers" from Northern
Ireland or Scotland, and
London was under represented. Based on the Royal Mint's regional figures this survey would have been expected to find less than the 2.58% found by the Royal Mint's survey. Unfortunately this significant survey was not reported by the national media.
Police activity, arrests and court cases12 March 2009, the
Italian financial police reported the arrest of two brothers, in the Tuscany region, and the seizure of an illegal
mint making one-pound
counterfeit coins. The police believe the minting equipment was about to be dismantled and sent to
England. One of the brother
had previously been a long term resident in
Britain. The press(es?) and notching(?) machines seized by the police were reported to have been supplied from companies that normally supply the gold jewellery trade. A photograph of a supposedly seized
fake one-pound coin shown in "Arezzo Notizie" is a copy of the relatively recently introduced 2008 coin with the
reverse designed by Matthew Dent. The only UK report of these arrests appeared as a brief paragraph in London's "Evening
Standard". The
Google translation of the "Arezzo Notizie" report concludes with, "..investigations are continuing at the international level to determine whether criminal organisations are involved".
4 May 2009, "This is Stanworth" reported that a twenty-year old Birmingham
man was arrested after allegedly fleeing from the Tamworth branch of the National
Provincial Bank where he
had attempted to change a £500 bag of
counterfeit one-pound coins.
28 May 2009, "The Liverpool
Echo" reported on a court case that saw the conviction of a local businessman and another
man described as
his "foot soldier". In 2006 the businessman used
his six petrol stations to laundered up to £200,000 of
counterfeit one-pound coins into accounts at the NatWest Bank. A drum of
counterfeit one-pound coins was found at a storage room at the businessman's
home. The police found £22,500
fake coins in bags of the
home of the "foot soldier", who was responsible for bagging and depositing the
money. The prosecution stated that the practice of using steel drums to contain one-pound coin
counterfeits was proved when police stopped a van containing identical drums near Heathrow airport. They contained £400,000 in
fake coins. Although Hounslow is near Heathrow airport, see CCN10, it seems informative that the airport was used to describe the location rather than just
London. The businessman was gaoled for two years and the "foot soldier" for eight months.
29 May 2009, "
Kent on Line" reported the arrest of four
men after a raid on an illegal
mint making
fake one-pound coins on a farm just outside Sittingbourne,
Kent. Three of the
men were charged with possessing, producing and manufacturing
counterfeit coins. The forth was bailed pending further enquiries. Police confirmed that, "thousands of pounds of
counterfeit coins and a press machine were found". The farmer who owned the barn involved said that it
had been rented out to the same person for five or six years.
[Sources: The Independent, BBC News, Ken Peters, AGI News, Toscana TV, Arezzo Notizie, La Nazione, IGN, Evening
Standard, Mail Online, This is Tamworth, Liverpool
Echo, This is
Kent,
Kent News]