New £1 coin: 'Minting errors' leave pounds with holes and cracks

Some of the coins appear cracked, warped or have the middle missing

Click to follow
The Independent Online

The new 12-sided £1 coin – described as the most secure in the world - is facing a new controversy just over a month after entering circulation.

Some of the new coins, currently being sold on eBay, appear cracked or seem to be missing the middle part of the coin.

Those selling on eBay, say that “minting errors” have caused a number of the coins to separate. So far it remains unclear how many coins are faulty.

John Taylor, a coin collector, told The Sun: “It is a definite Royal Mint error. The sellers claimed they had come from a sealed bag from the bank, which in turn came from the Royal Mint.”

The Royal Mint did not immediately respond to a request for comment from The Independent.

Last week, a charity worker claimed he found a fake version of the new coin.

Mr Wright said that he believes his partner was given a fake £1 coin in change when shopping at a Co-op store in Surrey.

At that time, a spokesperson for the Royal Mint told The Independent that it remained “confident” that the coin is not counterfeit but the organisation admitted small errors can occur during the minting process.

“We are not aware of any counterfeits entering circulation but welcome the public’s caution," the Royal Mint said.

 

"The organisation produces around five billion coins each year, and will be striking 1.5 billion new £1 coins in total. As you would expect, we have tight quality controls in place, however variances will always occur in a small number of coins, particularly in the striking process, due to the high volumes and speed of production," it added.

After almost 34 years in circulation, the old £1 coin, which is still in circulation, has become increasingly vulnerable to sophisticated counterfeiters. An estimated one in 30 of those pound coins is fake, according to the Royal Mint.

The 12-sided coin boasts security features including a hologram-like image that changes from a £ symbol to the number one when the coin is seen from different angles. 

More than 200,000 “trial coins”, were issued to businesses and retailers in preparation for the official release on 28 March and collectors are now desperate to get their hands on them, even though the Royal Mint has made clear that these coins don't have legal tender status and have no redeemable value.

Comments