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Trade News Archive 2010 January February March April May June
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29th July 2010
Fake £1 coins could be jeopardising retail profits
Small retailers have been warned that banks will not refund them for fake coins out of their tills, according to the Daily Record.
The news comes after the government revealed that a staggering 41 million £1 coins in circulation are forgeries.
That is equivalent to one in 36, up from one in 40 last year and 23 times higher than six years ago, and has led the treasury to consider scrapping and reissuing the £1 coin.
Retailers may be more inclined to adopt cashless payment methods if the figures keep on rising.
A treasury spokesman said: "The increase in the number of counterfeit coins taken out of the system shows the success of decisive government action to tackle coin counterfeiting."
"The government takes counterfeiting extremely seriously."
Cash usage is already in decline, according to figures from payment trade association Apacs.
Earlier this year, its report The Way We Pay 2010 showed that 59 per cent of transactions were made with cash in 2009, down from 73 per cent in 1999. The figure is expected to fall further, to 45 per cent, by 2018.
© 2010
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