Police seize record haul of counterfeit coins
Police have seized what is believed to be the biggest ever haul of counterfeit coins found in the UK.
Officers found millions of blank coins waiting to be stamped with the Queen’s head in a 40ft freight container in Essex.
A further £107,000 worth of fakes that had already been stamped with coin designs by criminals were also collected following raids on properties in Essex, Hertfordshire and Enfield, north London.
If all the coins had been stamped and released into circulation their total worth would have been £4.1 million, the Met Police said.
Detectives from the force’s Projects Team made the record seizure after a sting operation.
This seizure is a significant blow to the network behind it, individuals clearly intent on undermining the UK monetary system by producing counterfeit currency on an industrial scale. Det Insp Bruce South
Three men aged 52, 43 and 27 have been arrested on suspicion of production of counterfeit monies, money laundering and fraud.
Detective Inspector Bruce South said: “This seizure is a significant blow to the network behind it, individuals clearly intent on undermining the UK monetary system by producing counterfeit currency on an industrial scale.
“It is yet another example of the work this team is carrying out on a daily basis to tackle organised criminal networks.“
The rise of the fake pound
According to the Royal Mint, the number of fake £1 coins in circulation has been rising over a decade.
The last time the official national coin manufacturers surveyed a random sample of coins in November last year, they found that 3.09 per cent were counterfeits. In 2003 the estimate was just 1 per cent.
With just over 1.5 billion £1 coins in circulation, that means around 46 million fakes could now be changing hands in shops.
The Mint publishes an online guide on how to spot duds and says that the most common error the counterfeiters make is to match the date with the wrong design on the rear of the coin.
Other giveaways include the quality of lettering, rough milling around the edge of the coin and the wrong colour.
Police seizures in recent years suggest a small number of organised criminal gangs are responsible for producing huge numbers of fake coins.
The £1 coin is the only denomination thought to be widely copied, although earlier this month City of London Police raided a factory in east London where forgers were preparing to circulate fale £2 coins in time for the Olympics, when millions of visitors will flood the capital.