Gregory Campbell – 2014 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Gregory Campbell on 2014-04-09.

To ask Mr Chancellor of the Exchequer, what estimate his Department made of the annual level of fraud involving the existing one pound coin in order to inform the decision to introduce a new style coin.

Nicky Morgan

At Budget the government announced that it will introduce a new and highly secure £1 coin.

According to Royal Mint estimates counterfeiting of the £1 coin has been on an upwards trend for the past decade. The latest data shows an increase in the counterfeiting rate to 3.04%. This data is based on a survey undertaken in November 2013. Further information can be found at www.royalmint.com/discover/uk-coins/counterfeit-one-pound-coins

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