In 2017, a new GBP1 would be released as the most secured coin in the world according to the Royal Mint. The move was after concerns regarding the vulnerability of the 30 year old coin to counterfeiting. According to a BBC report, there are currently 45 million forgeries in circulation which threatens the British Pound to be susceptible to counterfeiting.
The new coin was based on the old three-penny bit design. It will have 12 sides like that of those coins used between 1837 and 1971. The contest will be held to decide what design should be placed on the “tails” of the coin.
Chancellor George Osborne said in his Budget speech to the Commons, "The prerequisite of sound money is a sound currency. One in 30 pound coins is counterfeit, and that costs businesses and the taxpayer millions each year. 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.”
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