New pound coin to be released by Royal Mint 61

With over 40 million forgeries in circulation, which is around 3%, it is time to retire the 30 year old existing pound coin and replace it with a new 12 sided model, based on the old 3 penny coin which went out of circulation in 1971.

A reduction in forgeries will cut expenses and increase confidence for the public and traders.

The current round shape, which replaced the old pound note in the early 1980s, is too easy for sophisticated counterfeiters to copy.  George Osborne, ahead of the new budget stated that it was a ‘resilient pound’ for a ‘resilient economy’.  The new coin will be introduced in 2017 and there will be a public competition to decide what will be on the ‘tails’ side as a design.
Steph Rickaby
Undated handout photo issued by HM Treasury of the side of a new one pound coin announced by the government

 

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