A new coin, which is called the 'most secure coin in the world' by the Royal Mint, is to be introduced in the UK in 2017 to protect its currency from counterfeiting.
LONDON - The UK is to introduce a new pound coin in 2017 to help reduce counterfeiting and ensure the integrity of UK’s currency, according to the Royal Mint.
The new twelve-sided coin would be “the most secure circulating coin in the world to date," as three percent of one pound coins are fake, according to the Royal Mint.
Chancellor of the Exchequer George Osborne says the new coin would protect the integrity of UK's currency because advances in technology make the one-pound coin more vulnerable than ever to counterfeiters.
Osborne tweeted a picture of the new coin and said, ‘‘today I will deliver a Budget for a resilient economy - starting with a resilient pound coin.''
''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 three penny bit,” Osborne said on Wednesday.
The new design is similar to the old twelve-sided threepenny, which was in circulation between 1937 and 1971. The last time the one-pound coin was changed was in 1983 to replace the pound note.
The final metal composition and design of the coin is yet to be decided. There will be a competition to decide the design of the 'tails' side of the coin.
The UK government will hold a consultation this summer to discuss the new coin's impact on businesses, which may have to spend money on new vending machines.
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