The launch of a new 12-sided pound coin on March 28 will hope to prevent counterfeit coins by introducing new security measures.
The Royal Mint will produce 1.5billion new gold-silver coloured £1 coins to replace the 30-year-old gold-coloured ones in distribution now, which will lose their legal tender status in October.
The new security measures include a hologram and a High Security Feature hidden in the coin that is detectable in banks and cash centres.
The aim of the new 12-sided coin is to battle counterfeit coins in the future.
Currently, one in 30 coins in circulation is illegally forged so the new design will reduce the costs of counterfeits to business and taxpayers.
Adam Lawrence, the CEO and Deputy Master of The Royal Mint, said: “We’re very proud to have designed and manufactured the new 12-sided £1 coin.”
New YouGov suggested over 66 million £1 coins are stored away in people’s piggy banks.
Baroness Neville-Rolfe, the Commercial Secretary to the Treasury, said: “We are urging people in the North West to dig out their round pounds from coat pockets, handbags and down the back of sofas in order to spend or return them before October 15.”
For more information about the introduction of the new £1 coin, please visit: www.thenewpoundcoin.com
Image courtesy of The Royal Mint via YouTube, with thanks.