Britain to launch new pound coin to deter counterfeiters

midnight-embargo-new-1-coinAn announcement from the British Treasury said that the new 12-sided one pound coin would become legal tender on March 28th and the new coin would be produced by the Royal Mint in Wales. A total of 1.5 billion of the coins will be issued in the first minting.

The new coin has been introduced to deter sophisticated counterfeiters who can now replicate the current coin, which has been in circulation for 30 years.

 

Facts about the New Coin:

one-pound-coins

  1. The new one pound has a distinctive 12-sided shape, recognisable even by touch and it is made of two metals, the outer ring is gold-colored (nickel-brass) and the inner ring is silver-colored (nickel-plated alloy).
  2. If the coin is tilted it shows a latent image, like a hologram, which changes from a pound sign to the number one.
  3. The new design pound is said to be “forgery proof” and has been billed as the “the most secure circulating coin in the world”.
  4. The current £1 coin is being replaced for the first time in more than 30 years because of its vulnerability to sophisticated counterfeiters.
  5. The coin will also feature the fifth coinage portrait of Queen Elizabeth II, the world’s longest-serving monarch who began her reign in 1952. Replacing £1 notes, the coins were first launched on April 21 1983.
  6. The new 12-sided coin, which resembles the old three penny bit, will be the world’s most secure coin in circulation, the Government said. More than 2.2 billion circulating round £1 coins have been struck during the time they have been in use.
  7. The new, two-coloured coin was announced in the 2014 Budget. It measures just over 2.3 centimetres in diameter and has rounded corners and milled edges.

With fake coins costing the government up to £2 million a year, the ultra-secure replacement will be far harder for forgers to copy.

 

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