Coinage: Counterfeit Manufacturing

HM Treasury written question – answered on 22nd February 2017.

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Photo of Mims Davies Mims Davies Conservative, Eastleigh

To ask Mr Chancellor of the Exchequer, what recent assessment he has made of the effect on the national economy of counterfeit coinage within general distribution.

Photo of David Gauke David Gauke The Chief Secretary to the Treasury

Maintaining a coinage that is robust against the threat of counterfeiting is an important objective for HM Treasury as the issuing authority for UK coins. It is important to have a currency in which there is widespread confidence as well as protecting taxpayers and businesses from the cost of counterfeit coins.

HM Treasury and The Royal Mint work together to closely monitor the counterfeiting levels of UK coins.

On 28 March 2017, a new 12-sided £1 coin will be introduced to combat high levels of counterfeiting of the current £1 coin. Approximately one in thirty of the current £1 coins in circulation are counterfeits.

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