30 Million Fakes
One of things you assume would be well and taken care of is the state of currency in most Western countries. This report says not. There are over 30 million fake 1 pound coins in circulation in Britain. A sampling exercise done by the Royal Mint indicated that the number of fake pound coins has doubled over the last five years. The last time sampling test results were released was in 2003 when the number of forged pounds coins was estimated to be one per cent. Robert Matthews, formerly the Queen’s Assay Master until he retired to become a coin consultant four years ago, said confidence in coins collapsed in other countries when forgery rates reached similar levels. In 2004, for instance, people started refusing to take the South African five rand coin due to concerns about the number of counterfeits, and eventually the coin had to be redesigned and re-circulated. More here.