MONEY: One slug is as good as another

http://www.impactlab.com/2010/07/27/record-number-of-counterfeit-one-pound-coins-could-force-britain-to-reissue-entire-denomination/

*** begin quote ***

Their warning came as new figures indicated there were £41 million fake £1 coins in Britain – one in every 36 in circulation. This is a record level and suggests that the proportion of counterfeit coins had tripled in the last decade. The situation has worsened since last year, when one in 40 £1 coins were fake. Experts and MPs said the level of fakes were so high there was now a serious risk that consumer confidence in Britain’s most popular coin was becoming compromised.

*** end quote ***

There has to be something “funny” — funny peculiar; not funny hah — at the bureaucrats calling out that fake coins might undermine confidence in their fiat currency. <Just shaking my head in disbelief> What is the intrinsic value of their “real” fiat coin. It’s worth what someone is willing to give you for it. If it’s a fake, it’s still worth what someone will give you for it. So this should point out that there is no difference between the “Real” and “Fake” ones. Isn’t that “funny”? Like the stories of countries printing high quality fake $100 bills. Who cares? There’s nothing to be “faked” out of. When coins were gold, or even silver, there was something of value that you could be “faked out” of. Now one slug is as good as another. No?

# # # # #

Please leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: