The Royal Mint will be introducing a new £1 in 2017, in an attempt to dramatically reduce the high rate of coin counterfeiting.
The £1 coin, which was introduced thirty years ago in order to take the place of the one pound note, has been under great concern in recent years as it is believed that 3% of existing £1 coins are currently fake.
This new 12-sided design was tweeted by Chancellor George Osborne on the morning of his fifth Budget. The Chancellor wrote: “Today I will deliver a Budget for a resilient economy – starting with a resilient pound coin.”
With an increase in advanced counterfeiting technologies, it is estimated that of the 1.5 billion £1 coins in circulation, up to two million counterfeit ones are removed ever year. The new coin will be of a similar size but will consist of two colours to help ensure authentication at every point.
This announcement comes just a few months after the Bank of England unveiled new “polymer” banknotes, which are to be introduced in 2016. A spokesman for the Bank of England said that these two decisions “will enhance the security and integrity of the currency.”
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