19 Wednesday 19th March 2014
Shed a tear, our trusty old pound coin is being replaced after 30 years of getting the job done. The replacement coin, due to appear 2017, is based on the threepenny bit and has twelve sides, making it very hard to fake. It'll be around the same size as the existing coin, but will also have a "bimetallic" construction like the £2 coin already has.
The Treasury says the current pound has about a 3% forgery rate, which means about £45m worth of fake coins are currently in circulation.
"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."
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