Published on March 19th, 2014 | by admin0
A New One Pound Coin Is Coming
A new £1 coin will be in circulation from 2017 which is being lauded as ‘the most secure coin in circulation in the world’.
It’s actually 30 years since the £1 coin first came into circulation but it has become vulnerable to sophisticated counterfeiters. According to The Royal Mint it is estimated that a staggering 45 million of the £1 coins now in circulation are forgeries, that’s three per cent of the total. More than two million counterfeit £1 coins have been removed from circulation over the past few years.
But how do you spot if you have a fake one pound coin in your possession? Key signs which can usually be spotted, even by an untrained eye, include a poorly defined ribbed edge, the wrong typeface and an indistinct design of the Queen. A fake can also be a slightly different colour though this is usually very subtle.
So what will the new one pound coin look like? Observers are describing the 12-sided new £1 coin as a threepenny remake. The threepenny bit was in circulation from 1937 until decimalisation in 1971 and was popular during World War II as it was east to recognize in blackouts.
As with all British coins, the Queen’s effigy will be on the ‘heads side’ and there will be a public competition to decide the design for the ‘tails’ side.
The new one pound coin will be developed at the Royal Mint’s headquarters in South Wales which employs more than 900 people.
Like all coins we have in our possession, the new £1 coin production process will be undertaken in three stages: making the blanks, making the dies and striking the coins. The Royal Mint produces 90 million coins in just one week, and almost five billion coins a year, both every day coins we have in our possession as well as a range of collectibles.
The new one pound coin will feature cutting-edge technology with a bi-metallic construction and use the Mint’s Integrated Secure Identification System Technology to maintain the integrity of the currency and will be roughly the same size as the current £1.