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Be glad you don't have to go through this every few years.... New one-pound coins

RogerBRogerB Posts: 8,852 ✭✭✭✭✭
edited October 9, 2017 10:39AM in U.S. Coin Forum

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    ashelandasheland Posts: 22,694 ✭✭✭✭✭

    That would be a pain, but the new coins _do _look cool.

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    rickoricko Posts: 98,724 ✭✭✭✭✭

    I have a collection of old British coins - having worked for many years for a British company (in Europe, the Caribbean etc.). Those are older coins (Sovereigns etc.) and quite attractive. Not really interested in the new ones... Cheers, RickO

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    BillJonesBillJones Posts: 33,486 ✭✭✭✭✭

    It really bites that the British choose to not honor their old coins with legal tender status. Aside from the Trade Dollar, the U.S. has never done that.

    As for the pound, when I took a vacation in London, the pound coin seemed to be about the same as penny because everything was so expensive.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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    TwoSides2aCoinTwoSides2aCoin Posts: 43,851 ✭✭✭✭✭
    edited October 10, 2017 8:31AM

    &!@%#*^ counterfeiters caused this. It's one thing to make a fantasy coin for collectors. It's quite another to disrupt commerce by cheaters who's intent is theft by deception. Pity, but those are the coin facts.

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    BillJonesBillJones Posts: 33,486 ✭✭✭✭✭

    @TwoSides2aCoin said:
    &!@%#*^ counterfeiters caused this. It's one thing to make a fantasy coin for collectors. It's quite another to disrupt commerce by cheaters who's intent is theft by deception. Pity, but those are the coin facts.

    The counterfeiters would be making more copies of our dollar coins if they were more popular.

    Retired dealer and avid collector of U.S. type coins, 19th century presidential campaign medalets and selected medals. In recent years I have been working on a set of British coins - at least one coin from each king or queen who issued pieces that are collectible. I am also collecting at least one coin for each Roman emperor from Julius Caesar to ... ?
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    TwoSides2aCoinTwoSides2aCoin Posts: 43,851 ✭✭✭✭✭

    True Bill. After all, it's cheap metal.

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    KellenCoinKellenCoin Posts: 1,193 ✭✭✭✭

    I like the new design myself; the old one never really spoke to me. Very annoying though!

    YN Member of the ANA, ANS, NBS, EAC, C4, MCA, PNNA, CSNS, ILNA, TEC, and more!
    Always buying numismatic literature and sample slabs.

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    BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    Frankly, I don't understand the title of this thread.

    There hasn't been a large scale coin conversion in the U.K. since 1990 and 1992, when the large-sized five pence and ten pence were swapped out for smaller-sized versions, and 1998 when the large-sized fifty pence was swapped out for a smaller-sized version. You can't call that frequent.

    The U.K. does change its banknotes a little more frequently.

    Based upon what I have been told, the Bank of England doesn't make it too difficult to swap old banknotes, but the process for old decimal coins is more difficult.

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    ZoinsZoins Posts: 33,910 ✭✭✭✭✭
    edited October 10, 2017 9:31AM

    @TwoSides2aCoin said:
    &!@%#*^ counterfeiters caused this. It's one thing to make a fantasy coin for collectors. It's quite another to disrupt commerce by cheaters who's intent is theft by deception. Pity, but those are the coin facts.

    These are modern contemporary counterfeits. There are collectors of classic contemporary counterfeits and I'm wondering if there are collectors for their modern counterparts.

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    JBKJBK Posts: 14,788 ✭✭✭✭✭

    @Zoins said:
    These are modern contemporary counterfeits. There are collectors of classic contemporary counterfeits and I'm wondering if there are collectors for their modern counterparts.

    Yes, there most certainly are...

    I was buying pound coins on eBay at a modest discount in preparation for a trip to London last year. The rate of fakes in those lots roughly mirrored what was reported to be common in the UK - about 3%. I gladly kept those for my collection.

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    291fifth291fifth Posts: 23,945 ✭✭✭✭✭

    @BillJones said:

    @TwoSides2aCoin said:
    &!@%#*^ counterfeiters caused this. It's one thing to make a fantasy coin for collectors. It's quite another to disrupt commerce by cheaters who's intent is theft by deception. Pity, but those are the coin facts.

    The counterfeiters would be making more copies of our dollar coins if they were more popular.

    In South America Sac Dollars circulate in Ecuador and are apparently counterfeited in significant numbers.

    All glory is fleeting.
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    oih82w8oih82w8 Posts: 11,907 ✭✭✭✭✭
    edited October 10, 2017 10:21AM

    I guess this is sort of like the European Countries had their own unit of currency before the Euro came into play. I remember when my family and I were stationed in Italy (2005-08), you could still use Italian Lira in conjunction with Euros...although I think the customer would get the shaft on the rate in Lira.

    I have a jar of "darkside" coinage from the countries I visited and there are a few British Pounds unlike those (Welsh Dragon 1995-2000) that are about to be demonetized.

    oih82w8 = Oh I Hate To Wait _defectus patientia_aka...Dr. Defecto - Curator of RMO's

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    TwoSides2aCoinTwoSides2aCoin Posts: 43,851 ✭✭✭✭✭

    I'm not implying that there aren't collectors of fake stuff. My point was the disruption of commerce caused by it.

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    I just came back from England last week and it was very interesting to see how everyone was playing hot potato with the old coins! No one wants to get stuck with those junk coins, people were paying very close attention to what they received in change and refused to accept any of the old ones. Apparently I had one of the first new 10 Pound banknotes as well. They are very attractive and hopefully we in the US will adopt something of similar quality.

    "Character is doing the right thing when no one is watching". - J.C. Watts
    sarasotanumismatics.com
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    JBKJBK Posts: 14,788 ✭✭✭✭✭

    One of the issues with the old pound is that it is made from a soft alloy, and it wears heavily over time. An old pound coin that has been heavily circulated is hard to definitively authenticate, with its blurry and worn details and countless micro dings. Counterfeiters certainly took advantage of this.

    My favorite part from the posted article was the laundromat owner asking why the government did not make the new pound coin the same size and weight as the old one so that he would not have to change over his machines to accept the new coin and reject the old. I guess he was missing the whole point of introducing the new coin.

    It appears that banks and post offices will continue to accept the old pound coins for the foreseeable future. I wonder how long this will last as the UK routinely has demonitized its old coins. There are undoubtedly millions of pound coins overseas that might one day be repatriated if they remain legal tender or can at least be exchanged at banks.

    Incidentally, there is no doubt in my mind that counterfeiters will make the new pound coin, if they have not started already. The biggest hurdle that I can see is the ”tag” elements in the alloy that can be read by sophisticated machines. The banks might use these, but retail stores presumably won’t, so until the forgery gets to a bank it will float around in circulation like the old forgeries did. This is assuming the new alloy is similar to the old, and allows the coin to show wear and tear as it circulates.

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    amwldcoinamwldcoin Posts: 11,269 ✭✭✭✭✭

    The only country in the EU that isn't a thief is Germany these days. I believe you can still exchange their Marks. I think it is total BS that they can demonetize their coins and currency and leave most likely billions of dollars of now worthless crap overseas!

    I know of someone who was arrested in Switzerland for trying to spend a high denomination note that had been demonetized unknown to him.

    I vote the US retaliate and demonetize all $100 bills for starters and give foreigners 3 months to exchange theirs!

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    RogerBRogerB Posts: 8,852 ✭✭✭✭✭

    During the early 1970s in conjunction with introducing the bicentennial $2 note and a small-size dollar coin, there was limited Treasury discussion of eliminating all paper currency large than $20. This was aimed at money laundering, drug trafficking and foreign use of US currency (mostly $100s). According to modern Treasury estimates, there are huge amounts of US new $100 notes in self-storage in Russia.

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    JBKJBK Posts: 14,788 ✭✭✭✭✭

    @amwldcoin said:
    The only country in the EU that isn't a thief is Germany these days. I believe you can still exchange their Marks. I think it is total BS that they can demonetize their coins and currency and leave most likely billions of dollars of now worthless crap overseas!

    I know of someone who was arrested in Switzerland for trying to spend a high denomination note that had been demonetized unknown to him.

    I vote the US retaliate and demonetize all $100 bills for starters and give foreigners 3 months to exchange theirs!

    I know German marks (coins and banknotes) can still be redeemed. I had thought there were a few others but maybe not now.

    I had never thought of "retaliating" by demonetizing US $100 bills, and that would hurt hundreds of thousands (millions?) of people around the world who have USD as a store of wealth. It might also hurt the dollar's use as a reserve currency.

    But, that is an interesting idea you have. Other countries do it... It is a handy way to erase millions (billions for us) in money that the government no longer has to make good on.

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    RogerBRogerB Posts: 8,852 ✭✭✭✭✭

    BillDugan1959:
    The point of the title is that having to exchange all or some of your currency is commonplace in other countries but almost unheard of in the United States.

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    BillDugan1959BillDugan1959 Posts: 3,821 ✭✭✭✭✭

    But the U.K isn't one of the real baddies on this score, and the article posted hardly emphasizes that particular aspect.

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