New pound coin to beat fakers has a hidden cost

Southend Standard: Not happy – the Happidrome’s Martin Richards says the new pound coin will leave him out of pocket as he will have to change and reprogramme all the slots on his machines Not happy – the Happidrome’s Martin Richards says the new pound coin will leave him out of pocket as he will have to change and reprogramme all the slots on his machines

MORE than £45million worth of fake £1 coins are in circulation in Britain today, making forgery an expensive business for traders.

To try to tackle the problem, Chancellor George Osborne announced a new bimetallic coin based on the old predecimal “thruppenny bit” would be introduced in 2017 as one of the hardest coins in the world to forge.

But the head of the Royal Mint, Andrew Mills, admitted the change could cost the country up to £20million, owing to the need to change slots in every shopping trolley, parking metre and vending machine in the land.

This is no less true in Southend, where the council has already estimated the cost would be a hefty £15,000 to replace every single parking meter mechanism in the borough – just five years after a similar sum had to be spent when new 5p and 10p coins were introduced in 2012.

While most of us would only have noticed the coins’ new faces, which featured variations on the royal crest, a less noticeable change was the switching from a copper/nickel alloy to steel .

They are also 11 per cent thicker than the old coins and – for the first time – magnetic.

For the council, this meant a cost of £80 to change each of the 180 parking meters, with parking team leader Jack Creeber predicting a similar cost for the new pound coin.

Train operator c2c will have a similar task on its hand replacing the mechanisms in its 40 ticket machines in the area though an estimate of the cost has not yet been made.

The cost is likely to have a disproportionate effect on small businesses which, in Southend, will land largely on seafront amusements traders.

The Happidrome’s Martin Richards says he is having trouble keeping up with the Government’s changes.

“The new pound coin is easily going to cost between £5,500 and £6,000 for me to change and reprogramme all the slots,” he says.

“All the electronic slots are going to cost £35 a time to reprogramme, but we’ve also a big following for retro games and theyare all going to need new mechanisms making up by an engineer.”

It follows a similar issue for the Happidrome following the introduction of the new 10p coins which, to this day, do not work in the older machines such as Pac Man and Space Invaders due to being magnetic.

“In the Sixties and Seventies,”

Martin says, “the coins were judged by size rather than weight, so people used to use washers that were the right size to get a free game.

“As a result they put magnets in the machines, which would catch washers but, because they were never magnetic, the 10ps worked fine.

“But now, because they’re magnetic, the only way we can get them to work is to get someone to manufacture new slots – for the time being we just have to change people’s coins.”

However, Essex Chamber of Commerce chairman Denise Rossiter said the new pound coin’s resistance to forgery would outweigh the cost of changing slots in the long term.

She added: “I think when businesses are questioning the cost of the new pound coin they should ask how you measure the cost of £45million worth of counterfeit coins being in circulation and what it does to the country.

“It’s absolutely essential we defeat counterfeiters because the impact on businesses at the moment is colossal.”

Comments (16)

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9:13am Mon 21 Apr 14

Nebs says...

Kjm Gandy wrote:
Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.
Then people have to make the effort to change up money to have an extra go. A lot of turnover comes from impulse buys or 'just one more go', which is fine if you have the right money in your pocket, but you lose a lot of that extra turnover if people have to walk away from their machine to get change.
[quote][p][bold]Kjm Gandy[/bold] wrote: Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.[/p][/quote]Then people have to make the effort to change up money to have an extra go. A lot of turnover comes from impulse buys or 'just one more go', which is fine if you have the right money in your pocket, but you lose a lot of that extra turnover if people have to walk away from their machine to get change. Nebs
  • Score: 5

9:16am Mon 21 Apr 14

CarnMountification says...

Kjm Gandy wrote:
Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.
Kim, you really need to get out more.
[quote][p][bold]Kjm Gandy[/bold] wrote: Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.[/p][/quote]Kim, you really need to get out more. CarnMountification
  • Score: -7

9:26am Mon 21 Apr 14

InTheKnowOk says...

Nothing is ever going to be fool proof, they will find a way to clone the coin just as they do with anything else ..
Nothing is ever going to be fool proof, they will find a way to clone the coin just as they do with anything else .. InTheKnowOk
  • Score: 14

9:28am Mon 21 Apr 14

InTheKnowOk says...

CarnMountification wrote:
Kjm Gandy wrote:
Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.
Kim, you really need to get out more.
That's rich coming from you ..
[quote][p][bold]CarnMountification[/bold] wrote: [quote][p][bold]Kjm Gandy[/bold] wrote: Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.[/p][/quote]Kim, you really need to get out more.[/p][/quote]That's rich coming from you .. InTheKnowOk
  • Score: 5

9:29am Mon 21 Apr 14

Nowthatsworthknowing says...

The first thing to consider, is the disgusting T shirt he wears, looks like a sewer cleaner.
The first thing to consider, is the disgusting T shirt he wears, looks like a sewer cleaner. Nowthatsworthknowing
  • Score: 6

9:38am Mon 21 Apr 14

carnmountyouknowitmakessense says...

They are also 11 per cent thicker than the old coins and – for the first time – magnetic.
WRONG, they are part steel, thus attracted to magnetism, funny how that if there are 45 million fakes, in circulation, they allow them to continue to be so.
They are also 11 per cent thicker than the old coins and – for the first time – magnetic. WRONG, they are part steel, thus attracted to magnetism, funny how that if there are 45 million fakes, in circulation, they allow them to continue to be so. carnmountyouknowitmakessense
  • Score: 3

9:50am Mon 21 Apr 14

Nowthatsworthknowing says...

carnmountyouknowitma
kessense
wrote:
They are also 11 per cent thicker than the old coins and – for the first time – magnetic.
WRONG, they are part steel, thus attracted to magnetism, funny how that if there are 45 million fakes, in circulation, they allow them to continue to be so.
Pays for Labour's existence...
[quote][p][bold]carnmountyouknowitma kessense[/bold] wrote: They are also 11 per cent thicker than the old coins and – for the first time – magnetic. WRONG, they are part steel, thus attracted to magnetism, funny how that if there are 45 million fakes, in circulation, they allow them to continue to be so.[/p][/quote]Pays for Labour's existence... Nowthatsworthknowing
  • Score: -13

9:53am Mon 21 Apr 14

Nowthatsworthknowing says...

Kjm Gandy wrote:
Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.
The whole arcade rip off needs closing down...
[quote][p][bold]Kjm Gandy[/bold] wrote: Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.[/p][/quote]The whole arcade rip off needs closing down... Nowthatsworthknowing
  • Score: -10

10:15am Mon 21 Apr 14

CarnMountification says...

Nowthatsworthknowing wrote:
Kjm Gandy wrote:
Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.
The whole arcade rip off needs closing down...
I agree, it's arcaic
[quote][p][bold]Nowthatsworthknowing[/bold] wrote: [quote][p][bold]Kjm Gandy[/bold] wrote: Surely the simple solution for the arcades, is to use the older £1 coins as tokens, where by a gambler would buy them from the change kiosk, returning with any winnings, to exchange for current currency.[/p][/quote]The whole arcade rip off needs closing down...[/p][/quote]I agree, it's arcaic CarnMountification
  • Score: -13

10:19am Mon 21 Apr 14

InTheKnowOk says...

Nowthatsworthknowing wrote:
The first thing to consider, is the disgusting T shirt he wears, looks like a sewer cleaner.
Have to agree with you on that one ..
[quote][p][bold]Nowthatsworthknowing[/bold] wrote: The first thing to consider, is the disgusting T shirt he wears, looks like a sewer cleaner.[/p][/quote]Have to agree with you on that one .. InTheKnowOk
  • Score: 5

5:28pm Mon 21 Apr 14

Nowthatsworthknowing says...

Kjm Gandy wrote:
Though it must be said, these arcades are for the retards, of society.
That they might be, but it's paid off my three mortgages, and allows me to enjoy 4 holidays a year,
[quote][p][bold]Kjm Gandy[/bold] wrote: Though it must be said, these arcades are for the retards, of society.[/p][/quote]That they might be, but it's paid off my three mortgages, and allows me to enjoy 4 holidays a year, Nowthatsworthknowing
  • Score: -8

9:58am Tue 22 Apr 14

rodgdodge says...

Wouldn`t be a problem, if the banks accepted these so-called fakes, if told by government to retain and send back to the Royal Mint ( to remove from circulation), the number of `fakes` would fall eventually.
the coin itself has no value in terms of metal content.
Wouldn`t be a problem, if the banks accepted these so-called fakes, if told by government to retain and send back to the Royal Mint ( to remove from circulation), the number of `fakes` would fall eventually. the coin itself has no value in terms of metal content. rodgdodge
  • Score: 0

3:33pm Tue 22 Apr 14

1nails says...

Forget the slot machines. The owners can take care of that.......As for parking meter tickets, there is no need to alter them. Just accept £2 pound coins,50p,and 10p coins.
Forget the slot machines. The owners can take care of that.......As for parking meter tickets, there is no need to alter them. Just accept £2 pound coins,50p,and 10p coins. 1nails
  • Score: 0

3:56pm Tue 22 Apr 14

kwikfatfitter says...

Maybe the £50 note should be made so it cannot be copied, instead of wasting millions on designing a coin that's going to wear your pockets out in no time.
Maybe the £50 note should be made so it cannot be copied, instead of wasting millions on designing a coin that's going to wear your pockets out in no time. kwikfatfitter
  • Score: 0

6:46pm Tue 22 Apr 14

maxell says...

Lets all do what the world will demand soon and have an implant to play bills

A human microchip implant is an identifying integrated circuit device or RFID transponder encased in silicate glass and implanted in the body of a human being. A subdermal implant typically contains a unique ID number that can be linked to information contained in an external database, such as personal identification, medical history, medications, allergies, and contact information. (from wiki). Then we would not need to worry about coins or clones. It would be hard to get your hand in the slot machine, but the waving of hand under the scanner could pay for tokens most people use the promotional key ring disks instead of money in super market trollies, just need to incorparate scanners in parking meters etc, new world order where you voice becomes a whisper.
Lets all do what the world will demand soon and have an implant to play bills A human microchip implant is an identifying integrated circuit device or RFID transponder encased in silicate glass and implanted in the body of a human being. A subdermal implant typically contains a unique ID number that can be linked to information contained in an external database, such as personal identification, medical history, medications, allergies, and contact information. (from wiki). Then we would not need to worry about coins or clones. It would be hard to get your hand in the slot machine, but the waving of hand under the scanner could pay for tokens most people use the promotional key ring disks instead of money in super market trollies, just need to incorparate scanners in parking meters etc, new world order where you voice becomes a whisper. maxell
  • Score: -1

9:51pm Tue 22 Apr 14

Father Jack Hackett says...

maxell wrote:
Lets all do what the world will demand soon and have an implant to play bills

A human microchip implant is an identifying integrated circuit device or RFID transponder encased in silicate glass and implanted in the body of a human being. A subdermal implant typically contains a unique ID number that can be linked to information contained in an external database, such as personal identification, medical history, medications, allergies, and contact information. (from wiki). Then we would not need to worry about coins or clones. It would be hard to get your hand in the slot machine, but the waving of hand under the scanner could pay for tokens most people use the promotional key ring disks instead of money in super market trollies, just need to incorparate scanners in parking meters etc, new world order where you voice becomes a whisper.
Just use your mobile phone.
[quote][p][bold]maxell[/bold] wrote: Lets all do what the world will demand soon and have an implant to play bills A human microchip implant is an identifying integrated circuit device or RFID transponder encased in silicate glass and implanted in the body of a human being. A subdermal implant typically contains a unique ID number that can be linked to information contained in an external database, such as personal identification, medical history, medications, allergies, and contact information. (from wiki). Then we would not need to worry about coins or clones. It would be hard to get your hand in the slot machine, but the waving of hand under the scanner could pay for tokens most people use the promotional key ring disks instead of money in super market trollies, just need to incorparate scanners in parking meters etc, new world order where you voice becomes a whisper.[/p][/quote]Just use your mobile phone. Father Jack Hackett
  • Score: 1

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