Until the introduction of the dodecagonal bimetallic pound coin in March 2017, the round pounds had suffered extensively at the hands of counterfeiters. The problem began almost immediately after their introduction in 1983. Of the 1.5 billion or so round pounds in circulation in 2016 it was estimated that 3% were counterfeit. Now that the coins are no longer circulating, and ceased to be legal tender in October 2017, this might be a useful time to make some observations about these counterfeits before they are forgotten and lost. The counterfeits fall into several groups and in this first article I will make some brief observations about the lead alloy issues which were typically produced between 1983 and 2006.