How can you spot a fake £1 coin and when did the old round pound coins go out of circulation?
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THE DEADLINE for spending your old one pound coins has now passed.
The old round pounds had become an easy target for forgers, prompting the introduction of the new "counterfeit-proof coin". Here's all we know about the sneaky fakes...
How do you spot a fake £1 coin?
Brits still have around £500 million worth of the old coins stored in money boxes around the country, but how do you know if you've got a fake?
Earlier this year it was estimated that as many as three per cent of the old round pounds were fake, representing £50 million of fake coinage in circulation in the UK at the time.
The new coins are believed to be completely counterfeit-proof, but the old ones are obviously prone to forgery.
The Royal Mint has previously explained how you can spot a fake...
- The date and design on the reverse do not match. The reverse design changes every year, and a complete list is available here.
- The lettering on the edge of the coin doesn't match the year.
- The milled edge is poorly defined.
- The lettering is uneven in depth, spacing or missing letters - or if the face designs are not as sharp or well-defined.
- The coin appears shiny and doesn't show signs of ageing, despite supposedly being decades old.
- The coin's colour is different compared to genuine coins.
Finally, check the alignment of the front and reverse designs.
If the Queen's head is upright, the design on the other side should be so too. The two images should also be in line, whereas fakes are often skewed.
Are there any fake versions of the new £1 and when do the old coins go out of date?
The new £1 coin was released into circulation on March 28, and the deadline to spend the round pounds was October 15 .
Fake versions of the new fivers are already believed to be in circulation, but the new pound coin has been hailed as the most secure currency in the world.
Exchequer Secretary to the Treasury Andrew Jones said that there have been no problems identified with the new coins at all.
He said: "This is a very, very secure coin. The Royal Mint estimate that this is the most secure coin in the world at the moment and they have their own individual and rather secret method of security which is new in this coin.
"You have to stay one step ahead of the counterfeiters but that's exactly where we are right now."
Savers have been warned to use up their stash of old coins to make sure they are not left with currency that shops will no longer accept.
But not before they have checked their piggy bank stash to see if they have a rare £1 coin.
How many £1 coins are fake?
Earlier this year, it was thought that there were more than 30 million fake round pounds in circulation, adding up to 2.55 per cent of coins.
It's illegal to use one, and the Royal Mint asks people to hand in fake £1 coins immediately.
However, you won't get real cash in exchange - so the best thing to do is be vigilant and refuse to accept any fakes.
The Royal Mint decided it was time for a change to the humble pound because of the surge in counterfeit coins, some of which are very hard to detect.
The state-of-the-art 12-sided £1 coin was introduced in March, and has clearly proven much harder to forge.
The government has claimed it will be the most secure coin in circulation, and it follows the hype around the plastic fiver.
From notes being “sold” for over £80,000, to the news that the new polymer fivers can be erased, it’s fair to say the transition from paper to plastic hasn’t been as smooth as hoped.
Many have raised concerns over potential chaos if the new coins don’t work in supermarket trolleys or vending machines.
The British Parking Association has predicted chaos in car parks as a quarter of the UK's 100,000 pay and display machines won't have been updated in time.
There's also been evidence that some coins carry major production flaws.
And Brits have taken to online auction sites in the hope of cashing in on the faulty tender.
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