Someone’s Tax Dollars At Work
I note with some minor amusement that the UK is working hard on a new coin.
The UK is planning to introduce a new 12-sided £1 coin that it says will be the hardest in the world to fake. Pending approval, the dodecagonal prism will replace the current cylindrical design, and will feature a number of security measures to prevent counterfeiting. The Royal Mint, a government-owned company responsible for minting all the UK’s coins, says the new bi-metallic coin will be the first to integrate iSIS, a technology introduced last year with three layers of security.
So it’s a highly secure, and hard to counterfeit. Vending machine, if built with a bunch of new technology, will be able to tell true from fake. So, the UK is spending money building a better coin that will require other people to spend lots of money to verify that it’s a better coin.
Here’s my main question: Does anyone think that it’s broadly economically feasible to fake a one pound coin? Maybe it’s me, but in the US the typical counterfeit is the $20 bill, because it at least generates a return for the investment required to do it. And that’s a bill. A coin is significantly harder to fake, requires a lot more resource, and is harder to do in volume. So, um, they’re spending money to protect against a threat that doesn’t really exist?
Maybe I’m missing something, but I somehow think it’s not me.