Thursday 8 December 2016

Fake cash recovery count revealed

Published 24/10/2011 | 18:51

Fake pound coins with a value of more than 6.5 million pounds have been removed from circulation since 2003
Fake pound coins with a value of more than 6.5 million pounds have been removed from circulation since 2003

Fake £1 coins with a total face value of more than £6.5 million have been taken out of circulation since 2003, new figures reveal.

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And last year an additional £5.9 million in counterfeit bank notes was recovered by the Royal Mint.

The figures were revealed in answers to Parliamentary Questions by Conservative Andrew Rosindell, MP for Romford.

He asked Treasury ministers how many counterfeit coins had been taken out of circulation since 1997 and asked for an estimate of the number of fake notes being used.

Chloe Smith - the new Economic Secretary to the Treasury - said figures for coins were not available from before 2003 but that the counterfeit rate was thought to be less than 1%.

But in the years since then, the number of fake £1 coins taken out of circulation has varied from 84,500 in 2005/06 to 1,973,000 in 2009/10.

So far in the current year, 1,376,436 counterfeit £1 coins have been reclaimed.

And Ms Smith said a total of 300,000 notes, with a total face value of £5.9 million, were recovered in 2010.

Press Association

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