Police seize 4 million counterfeit £1 coins

29/05/2012

More than four million counterfeit £1 coins have been seized by police in the biggest haul of its kind. Most of the coins were discovered in a 40ft freight container while smaller amounts were recovered from three addresses in Enfield, Hertfordshire and Essex.

About four million of the coins were blank having not yet been stamped. A further 107,000 had been completed and were ready to be put into circulation. Three men were arrested in connection with what police have described as an “industrial scale” counterfeiting operation.

A Royal Mint sampling of the 1.5 billion £1 coins in circulation within the UK has found that up to 3% of this total – about 44m coins – could be counterfeit. In addition, the Treasury has confirmed that more than 374,000 counterfeit bank notes – mainly £20 denomination – were taken out of circulation last year.

“These are alarming statistics for the gaming, amusement and vending industry, where our clients are absolutely in the ‘front line’ against counterfeit coins and bank notes” commented Mike Clokie, MD of E-Service. “All coin and note acceptors serviced by our team here automatically receive the latest fraud-deterrent firmware upgrades as the units pass through our workshop. This is absolutely the best way for UK operators to protect their machine incomes against counterfeit notes and coins”

For more information on security updates for your coin and banknote acceptors, contact sales@e-serviceuk.com or call 0844 669 2679

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