Published on March 18th, 2015 | by admin0
New 12-Sided One Pound Coin Unveiled On Budget Day
Billed as ‘the most secure coin in circulation in the world’, the Royal Mint has today unveiled the design of the new 12-sided £1 coin to coincide with the Chancellor’s final budget before the general election.
The fact a new one pound coin is coming was first earmarked a year ago due to the fact that the current version of this coin has become increasingly vulnerable to sophisticated counterfeiters. Indeed, the Royal Mint has said that they estimate about 3% of all £1 coins in circulation are forgeries, that equates to 45 million!
Designed by 15 year old David Pearce from Walsall who won a competition to design the ‘tails’ side of the coin, it features designed to make it completely secure unlike the current version. The new one pound coin uses two colours of metal and also includes the Royal Mint’s anti-counterfeiting technology adapted from banknotes which means each coin can be authenticated by high-speed automated detection. This is the first time such innovation has been used in a circulated coin.
With a brief to create a tails side of the new £1 coin which aptly symbolises Britain, David Pearce produced a design featuring the national emblems of Britain emerging from a Royal Coronet, namely a rose, leek, thistle and shamrock.
The Royal Mint received around 6,000 entries of designs including interpretations of how the coins should look featuring cups of tea, the weather, famous writers and seaside piers. The new coin has the same shape as the old 12-sided threepence piece or ‘threepenny bit’ which has not been in circulation since 1971.
Talking of the pounds in our pockets and purses, the budget sees a rise in the tax-free personal allowance and a new personal savings allowance.
Further good news contained within George Osborne’s budget announcement was an end to the annual tax return which will be replaced with less laborious digital tax accounts plus a change in the rules enabling pensioners to turn their retirement funds into a cash lump sum for the first time.
The new one pound coin will enter circulation in 2017.