Royal Mint could scrap all pound coins

The video discusses the prevalence of counterfeit £1 coins in Britain, with one in every 36 coins being fake, amounting to £41 million in circulation. It explains how to identify fake coins by comparing design details and mentions the economic impact of counterfeits, including costs passed to consumers. The video highlights the challenge of maintaining trust in currency and the potential need for new coin issuance, despite Treasury assurances of confidence in the pound.

What percentage of £1 coins in circulation is estimated to be counterfeit?

• 1 in 100

• 1 in 36

• 1 in 10

• 1 in 50

What is one of the key visual indicators of a counterfeit £1 coin?

• The coin is larger in size

• The lettering is very poor

• The coin is heavier than usual

• The design is more detailed

How do machines typically detect counterfeit coins?

• By recognizing the chemical composition

• By scanning the color

• By checking the size

• By measuring the weight

What is a potential consequence of having many counterfeit coins in circulation?

• Increased value of genuine coins

• Need to issue new coins

• Decrease in coin production

• Rise in coin collecting

Why might authorities be hesitant to address the counterfeit coin issue openly?

• They lack the resources to tackle it

• They are unaware of the issue

• They want to maintain public trust in the currency

• They believe the problem is minor