Yesterday Chancellor of the Exchequer George Osborne officially revealed the new twelve sided £1 coin which has been billed ‘the most secure coin in the world’.
The revamped tender has come to life following concerns about the 30-year old coin’s vulnerability to counterfeiting.
The coin, which is not expected to be introduced until 2017 is still yet to reach it’s final approved stage as the general public will be consulted over the summer before it’s brought into circulation.
The front of the coin will feature Queen Elizabeth II or whoever the reigning monarch is at the time, while the reverse is yet to be decided with the Royal Mint stating that a public competition will be held at a later date to choose the design of the ‘tails side’ of the coin.
Those born before 1970 will recognise the design of the new coin as it shares similarities with the threepence piece which was removed as legal tender back on the 31st August 1971.
The Chancellor of the Exchequer George Osborne 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.”