A Sounder Pound: New £1 Coin Unveiled

New pound coin

12-sided design reprises threepenny bit as Royal Mint and Treasury say existing coin is too easy to forge.

A new 12-sided pound coin based on the threepenny bit is being  unveiled – and is said to be the hardest in the world to fake.

Described as a “giant leap into the future” the new coin will  replace a familiar token that the Treasury says has a 3% forgery rate – amounting to a total of more than 45m in circulation.

The coin is based on the historic three pence piece, also known as  the “threepenny bit”, which was the first coin to feature a portrait of  Queen Elizabeth II.

But unlike its predecessor the new coin – which will be roughly the same size as the existing one when introduced in 2017 – will contain an array of technological advances making it difficult to forge.

As well as a “bimetallic” construction similar to the existing £2  coin, the new £1 will feature new banknote-strength security  pioneered at the Royal Mint’s headquarters in Llantrisant, South Wales.

A Treasury spokesman said: “After 30 years’ loyal service the time  is right to retire the current £1 coin and replace it with the most  secure coin in the world.

“With advances in technology making high value coins like the £1  ever more vulnerable to counterfeiters it’s vital that we keep several  paces ahead of the criminals to maintain the integrity of our currency.

“We are particularly pleased that the coin will take a giant leap  into the future, using cutting edge British technology while at the same time, paying a fitting tribute to past in the 12-sided design of the  iconic threepenny bit.”

The Royal Mint chief executive, Adam Lawrence, hailed the “exciting  project”, adding: “The current £1 coin design is now more than 30 years  old and it has become increasingly vulnerable to counterfeiting over  time.

“It is our aim to identify and produce a pioneering new coin which  helps to reduce the opportunities for counterfeiting, helping to boost  public confidence in the UK’s currency in the process.

“We’re extremely proud that the proposal includes the Royal Mint’s  Integrated Secure Identification System (iSis) technology, offering  greater currency security at a lower cost.”

As with all British coins the Queen’s effigy will be on the “heads” side, while the Treasury has said there will be a public competition to decide  the design for the “tails” side.

A Bank of England spokesman said: “Coins are the responsibility of  the Royal Mint and together with the Bank’s decision to produce polymer  banknotes this change will enhance the security and integrity of the  currency.”

National Crime Agency counterfeiting expert John Sheridan said: “The issuing of a new coin with enhanced security features will make it more difficult for criminals to copy as well as presenting increased  opportunities for law enforcement to investigate and disrupt the  producers and distributors of counterfeit currency.”

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s