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Are really 3% of all 1 pound coins counterfeit or is this just a case of Gresham's law http://en.wikipedia.org/wiki/Gresham's_law

Yes, I did an experiment tracking which coins I had were fake. I found 10 out of 200.

Gresham's law doesn't apply as it's ~3% of £1 coins in circulation, not of all.