I'd imagine the point is to prop up confidence in fiat money. Cash represents 3% of "money" so a small counterfeit issue with pound coins is a fraction of a %.

I'd imagine the point is to prop up confidence in fiat money. Cash represents 3% of "money" so a small counterfeit issue with pound coins is a fraction of a %. Meanwhile the entire currency is debased annually by failing to include land prices into the inflation calculations, despite most credit creation being against land. This debases GBP for workers every year. Therefore propping up confidence is vital.