Counterfeit - 1 Pound - Elizabeth II 3rd portrait; Welsh Dragon

The round pound was famously counterfeited at scale throughout its 1983–2017 run — by some Treasury estimates, as many as one in thirty coins in circulation by the mid-2000s were fake. The Welsh Dragon reverse, issued across several years in the 1990s, was among the more frequently replicated types, partly because nickel brass is relatively easy to approximate in weight and color with cheap alloys.

This piece is the counterfeit, not the genuine article. The Royal Mint cited the vulnerability of the round pound's single-layer construction to exactly this problem when lobbying for the bimetallic replacement introduced in 2017.