New 1 pound coin is believed to be the world’s most secure coin
This comes as Royal Mint believes 3% of existing 1 pound coins are fake.
“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,” said Adam Lawrence, chief executive of the Royal Mint.
According to Chancellor George Osborne, the existing 1 pound coin is one of the oldest coins and has become highly vulnerable to forgery.
“So I can announce that we will move to a new, highly secure, £1 coin. It will take three years.
“Our new pound coin will blend the security features of the future with inspiration from our past.
“In honor of our Queen, the coin will take the shape of one of the first coins she appeared on – the threepenny bit.
“A more resilient pound for a more resilient economy.”
The Bank of England, which earlier this year announced banknotes would be made out of plastic rather than cotton from 2016, said the move would “enhance the security and integrity of the currency”.
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