The Government has announced that the current £1 coin is being replaced for the first time in over 30 years because of its vulnerability to sophisticated counterfeiters. The new 12-sided coin resembles the old ‘threepenny bit’, with the Royal Mint claiming that it will be the world’s most secure coin in circulation.
Levels of counterfeit £1 coins have been as high as 3% in the past few years, equating to around 45 million coins. The new coin will aim to reduce the costs of counterfeits to businesses and the taxpayer.