£1 Coin Under Threat
By Sarah Preece on 2010-07-27 19:51:01
Recent reports of the increase in fake £1 coins flooding into the UK economy has put the coin at risk of being removed as legal tender. Paddy Power quotes 6/4 that the coin will be taken out of circulation and either scrapped or re-minted in a new form. There is a reported £41m worth of fake coins in circulation nearly 3% of all £1 coins currently in the UK.
If the coin is withdrawn we could see a return of the old £1 note with odds of a new note being printed at 2/1.
Roberto Coladangelo spokesman for Paddy Power said; “We can’t believe there are so many fake pound coins in circulation. It is a worrying situation as the fakes are so good even coin vending machines apparently can’t tell the difference let alone the man on the street. If it carries on increasing the treasury will surely be forced into a very expensive re-issue.”
Will the £1 coin be scrapped or re-minted?
- 6/4 Yes
- 1/2 No
Will the £1 note be reissued?
- 2/1 Yes
- 1/3 No
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