§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer what estimate he has made of the numbers of(a) counterfeit notes and (b) counterfeit £1 coins in circulation (i) nationally and (ii) in the North West England. [16921]
§ Mrs. LiddellThe Bank of England is not in a position to provide a reliable estimate of the number of counterfeit notes in circulation. A record is maintained of the number of counterfeit notes which are received from circulation, but the Bank of England, in common with most note-issuing authorities, does not publish details of the counterfeit notes it receives. However, despite an increase in counterfeiting between 1990 and 1995, counterfeit notes detected still represented only a small fraction of 1 per cent. of the total notes in circulation throughout that period. The number of counterfeit notes received during 333W 1997 shows a reduction against earlier totals. Counterfeit notes are found throughout the United Kingdom and there is no particular bias towards the North West.
The Royal Mint is not in a position to provide a reliable estimate of counterfeit £1 coins in circulation, either on a national or a regional basis. However, the number of counterfeit £1 coins is believed to be very small in relation to the total circulation.
§ Mr. Gordon PrenticeTo ask the Chancellor of the Exchequer what steps he is taking to make it more difficult for the coinage to be forged. [16922]
§ Mrs. LiddellSpecial precautions are always taken to protect higher value coins. This is done by developing and using sophisticated alloys, edge lettering and, in the case of the new bi-coloured £2 coin, the introduction of a latent feature.