【Unlocking Word Meanings】
Read the following words/expressions found in today’s article.
1. ditch /dɪtʃ/ (v.) – to stop using something
Example: The country will soon ditch paper money.
2. circulate /ˈsɜrkyəˌleɪt/ (v.) – to move or spread from one person to another
Example: The old money will stop circulating next year.
3. forged /fɔrdʒd/ (adj.) – fake and illegally produced
Example: The government warns the public about forged dollar bills.
4. self-checkout /sɛlf ˈtʃɛkˌaʊt/ (adj.) – referring to machines (often in grocery/retail stores) that allow a person to purchase items even without a cashier
Example: Some customers prefer paying to cashier instead of using self-checkout machines.
5. revamp /riˈvæmp/ (v.) – to apply changes to make something look better or new
Example: The government plans to revamp the old museum.
Read the text below.
The United Kingdom will ditch its one-pound (£1) coin that has circulated for over 30 years in the hopes of solving the problem on the production of fake coins in the country.
The spread of fake one-pound coins has significantly affected the British economy over the past years. Out of the estimated 1.5 billion one-pound coins in circulation, about three percent or 45 million are forged.
The original one-pound coin has a round shape and a copper color. On the other hand, the new coin will be 12-sided and will have a mix of gold and silver colors. The shape of the new pound coin is similar to the old threepenny [THRIP-uh-nee or THREE-pen-ee] coins that circulated until 1971. The right side of Queen Elizabeth II’s face will also appear on one side of the new coin, while the design of the other side will be determined through a public contest.
In addition, the one-pound coin’s new look will include an advanced anti-forgery technology that is also used in British paper money. According to the country’s treasurer, the new coin will be the most secure coin in the world.
With the arrival of the new coin, several establishments will need to revamp its coin machines. Among these are supermarket self-checkout machines, parking meters, vending machines, and gym lockers. Applying changes to these machines will cost the UK about $30 million.
Aside from the coin, a new 10-pound bill will also be released in 2017. The new money will use plastic to make the money more durable and harder to forge.
Enjoy a discussion with your tutor.
· Do you think creating the new coin will be an effective way to prevent the production of fake coins? Why or why not?
· In your opinion, how else can the production of fake money affect a country?
· Please describe the denominations of your country’s money (i.e. in the Philippines – 5, 10 centavo coins, 1, 5, 10 peso coins, etc.).
· In what other ways can the circulation of fake money be prevented?