19 March 2014
|
The proposed 12-sided £1 coin
A new twelve-sided £1 coin is set to be minted to help reduce counterfeiting and ensure the integrity of the United Kingdom’s currency. ...
A proposed twelve-sided £1 coin is set to be introduced in 2017 to help reduce counterfeiting and ensure the integrity of the United Kingdom’s currency.
The proposed £1 coin will feature world-leading anti-counterfeiting technology and, according to the Royal Mint, is set to become 'the most secure circulating coin in the world to date'.
A public consultation will be held over the summer focusing on how to manage any impacts before a final decision is made on the precise specification of the new coin, including the metal composition.
A public design competition will be held at a later date to choose the design for the reverse, or ‘tails’, of the coin which is expected to be introduced in 2017.
George Osborne, the Chancellor of the Exchequer, who announced the proposed coin during his budget speech, said:
'After thirty years 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 high value 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. I am particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time, paying tribute to the past in the 12-sided design of the iconic threepenny bit.'
The coin will be constructed from two different coloured metals and contain an Integrated Secure Identification Systems (iSIS) security feature - a revolutionary new high security coinage currency system developed by The Royal Mint.
For all the latest stamp and coin news and new issues, see each issue of Stamp & Coin Mart magazine.
The proposed £1 coin will feature world-leading anti-counterfeiting technology and, according to the Royal Mint, is set to become 'the most secure circulating coin in the world to date'.
A public consultation will be held over the summer focusing on how to manage any impacts before a final decision is made on the precise specification of the new coin, including the metal composition.
A public design competition will be held at a later date to choose the design for the reverse, or ‘tails’, of the coin which is expected to be introduced in 2017.
George Osborne, the Chancellor of the Exchequer, who announced the proposed coin during his budget speech, said:
'After thirty years 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 high value 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. I am particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time, paying tribute to the past in the 12-sided design of the iconic threepenny bit.'
The coin will be constructed from two different coloured metals and contain an Integrated Secure Identification Systems (iSIS) security feature - a revolutionary new high security coinage currency system developed by The Royal Mint.
For all the latest stamp and coin news and new issues, see each issue of Stamp & Coin Mart magazine.
Content continues after advertisements
