The Royal Mint has announced plans to introduce a new £1 coin.
The new coin, which the Royal Mint aims to introduce by 2017, will feature anti-counterfeiting technology iSIS to help make it the most secure coin in circulation in the world.
It will be a 12-sided shape, similar to the pre-decimalisation threepence piece, and will be comprised of two different coloured metals.
Announcing the decision, Chancellor George Osborne said: “After 30 years loyal service, the time is right to retire the current £1 coin, and replace it with the most secure coin in the world,” he said.
“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.”
Royal Mint chief executive Adam Lawrence said the new £1 coin would be less susceptible to counterfeiting than the current one. The rate of counterfeit current £1 coins rose from 2.74% to 3.04% in November last year.
“The current £1 coin design is now more than 30 years old and it has become increasingly vulnerable to counterfeiting over time,” he said.
”It is our aim to identify and produce a pioneering new coin which helps to reduce the opportunities for counterfeiting, helping to boost public confidence in the UK’s circulating coins.”
A public consultation will be held over the summer on managing the impacts of the new coin while another will be held at a later date to decide the reverse side, or ‘tails’ side of the coin.