One pound coin horror as thousands of new coins produced with major flaws
Dubbed as the “most secure in the world”, some of the 12-sided coins appear cracked, warped, or even have the middle missing.
The new coin was launched in late March, and reports claim there will be 1.5 billion of them in circulation within months.
A stunning view of the Queen's coins Mon, March 27, 2017
Commemorative coins released by The Royal Mint depict Queen Elizabeth II's reign since 1953.
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Queen Elizabeth II has become Britain's longest reigning monarch as of September 9th 2015
Variances will always occur in a small number of coins
Royal Mint spokesman
Yet it was only yesterday officials admitted faults have crept into the minting process, The Sun reports.
John Taylor, a coin collector from South London, has a one pound coin with a missing centre, and others with “mis-strikes”.
Mr Taylor told the newspaper: “It is a definite Royal Mint error. The sellers claimed they had come from a sealed bag from the bank, which in turn came from the Royal Mint.”
Stephen Hamilton, from South Yorkshire added: “I find it hard to believe that our famous Royal Mint has now produced so many variations of the new so-called secure £1 coin by way of error.
“This makes me wonder if proper security checks are being done in person at regular intervals at the minting machines.”
A 'polo-pound': A coin with the middle missing, sold on eBay for £13.50
The Cardiff-based Royal Mint, which is responsible for striking the coins, played down the scandal.
A spokesman said: “We have tight quality controls in place. However, variances will always occur in a small number of coins, particularly in the striking process, due to the high volumes and speed of production.”
How much is your money worth? Fri, March 10, 2017
New five pound notes could make you a whopping £20,000. This is what you should be looking out for in your wallet.
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Five pound notes with low serial numbers, especially those beginning with AA01, can be worth £200
According to Mastercard, there is £1.1 billion sitting in the old style coins within people's homes.
Their survey showed that 87 per cent of people were not aware that they needed to cash them in, according to the Telegraph.
From October 15 this year, the old one pound can no longer be used in shops.