UK’s new £1 coin a forger’s nightmare

BRITAIN announced this week that it was ditching the £1 coin it had used for the past three decades and replacing it with a 12-sided piece that was harder to fake.

The Treasury said the new coin, made of two differently coloured metals and shaped like the old threepenny bit — introduced in 1937 and discarded with decimalisation in 1971 — would be “the most secure coin in circulation in the world”.

About 3% of all £1 coins, that’s about 45 million, are believed to be forgeries, and in some parts of Britain this rises to 6%, according to the Royal Mint.

The threepenny bit was popular during World War 2, when households and businesses had to abide by a blackout to thwart enemy bombers, because its distinctive size and shape made it easy to recognise in the dark.

The new £1 will be made using cutting-edge technology that enables it to be easily authenticated. The Royal Mint hopes that the use of two metals and the 12 sides will make it hard to counterfeit.

Chancellor of the Exchequer George Osborne said: “After 30 years of loyal service, the time is right to retire the current £1 coin and replace it with the most secure coin in the world.

“With advances in technology making highvalue 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.”

The new coin is expected to be in circulation by 2017, following consultation with businesses.

As with all British coins, the obverse will carry an image of Queen Elizabeth. There will be a public competition to decide on the design of the “tails” side. —