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£1 coin to be scrapped!

Community Veteran
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Registered: 01-08-2007

£1 coin to be scrapped!

I'm sure you'll find it on many news sites..
At a time of recession, the government decide to bring up another fund raiser: Slot machine mechanism replacements.
I'm sure they'll make a fortune in tax on each vending machine across the country having their mechanisms replaced. Everything from snack machines to ticket machines.
What will they think of next?
I need a new signature... i'm bored of the old one!
30 REPLIES
TORPC
Grafter
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Registered: 08-12-2013

Re: £1 coin to be scrapped!

Funny enough I was just reading an article by the DM on this
http://www.dailymail.co.uk/news/article-2583878/1-coin-scrapped-New-version-shaped-like-old-threepen...
Quote
12-sided design will resemble coin last used before decimalisation in 1971

That will sure bring back memories for some pensioners
Community Veteran
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Re: £1 coin to be scrapped!

Will the thistle appear on the back of the new coin?
Now Zen, but a +Net residue.
Community Veteran
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Re: £1 coin to be scrapped!

Shopping trolleys will stop working!  Angry
Call me 'w23'
At any given moment in the universe many things happen. Coincidence is a matter of how close these events are in space, time and relationship.
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Mayfly
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Re: £1 coin to be scrapped!

Quote from: TORPC

Quote
12-sided design will resemble coin last used before decimalisation in 1971

That will sure bring back memories for some pensioners


Haha decimalisation came in 43 years - you don't have to be anywhere near pension age to remember them.  Grin
itsme
Grafter
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Re: £1 coin to be scrapped!

Quote from: 77
Shopping trolleys will stop working!  Angry

Shopping trolleys are not that fussy what is used, perhaps you could buy http://www.ebay.co.uk/itm/Metal-Reusable-Shopping-Trolley-Release-Key-Token-Coin-Keyring-Bottle-Open...
shalom2010
Grafter
Posts: 972
Registered: 28-12-2012

Re: £1 coin to be scrapped!

According to the Telegraph source: "A source said that the new coin, which will be roughly the same size as the current £1, will still fit in supermarket trolleys, parking meters and vending machines."
http://www.telegraph.co.uk/finance/budget/10706790/Budget-2014-George-Osborne-announces-new-1-coin.h...
What I don't understand is that if the new coin is to combat fraud surely it should not be compatible with current £1 trolleys & coin machines?
itsme
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Re: £1 coin to be scrapped!

Physical size is only one element most vending machines will do electrical tests so it will have a unique signature and the it's this that will be hard to duplicate.
Community Veteran
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Re: £1 coin to be scrapped!

This could be interesting....
Quote

As with all British coins, the Queen’s image will be on the obverse – ‘heads’ side. The Treasury will hold a competition to decide the design for the reverse, or ‘tails’ side.

It will have to wait until the Scottish vote on independence from England, ..........
Also, IF the Scots decide on Independence... The rules of the competition MUST include some kind of rule that anyone with a scottish ancestory is disallowed from entering. Roll eyes Roll eyes
alanf
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Re: £1 coin to be scrapped!

Royal Mint site mentions the benefits but not how they are achieved. . "Three levels of security - overt, covert and forensic"!.  Meaning what? Security through obscurity?
It does say that electromagnetic signature varies over time and the new coins will offer something different but does not say what.
http://www.royalmint.com/business/circulating-coin/isis
Community Veteran
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Re: £1 coin to be scrapped!

Quote from: alanf

It does say that electromagnetic signature varies over time and the new coins will offer something different but does not say what.
http://www.royalmint.com/business/circulating-coin/isis

Erm.... isn`t that what "security" is about.... i.e.   not telling people  criminals  the secrets so they can`t circumvent them... Doh !

Edit Edit Edit..... changed the word "people" to improve the sense of the comment.
alanf
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Re: £1 coin to be scrapped!

Security is about making something hard to copy. Something that relies solely on keeping a secret is insecure because as soon as the secret is revealed there is no security. If users do not know how to identify forgeries how are they to refuse them?
The coins are said to have "multiple levels of banknote-strength security built in". There is no lack of clarity about the security features of BoE bank notes - watermarks, metal threads, raised lettering, holograms  etc.
http://www.bankofengland.co.uk/banknotes/Pages/current/security_5.aspx
Community Veteran
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Re: £1 coin to be scrapped!

Post edited....  Roll eyes
nanotm
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Re: £1 coin to be scrapped!

most likely they don't explain them ahead of the proposed 2017 release of the coins so the criminal types cant duplicate them before the coins are even released ......
just because your paranoid doesn't mean they aren't out to get you
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Re: £1 coin to be scrapped!

Quote from: itsme
perhaps you could buy http://www.ebay.co.uk/itm/Metal-Reusable-Shopping-Trolley-Release-Key-Token-Coin-Keyring-Bottle-Open...

I saw one of those a while back then forgot where I saw it - thanks for the link!  Smiley
Call me 'w23'
At any given moment in the universe many things happen. Coincidence is a matter of how close these events are in space, time and relationship.
Opinions expressed in forum posts are those of the poster, others may have different views.