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19/03/2014
New £1 Coin To Combat Counterfeiting
A new £1 coin which will be the most secure coin in circulation in the world has been announced by the government.
The new coin will have the same shape as the 12-sided three pence piece or 'threepenny bit'.
The current £1 coin has been in circulation for over thirty years - much longer than the normal life cycle of a modern British coin. Its technology is no longer suitable for a coin of its value, leaving it vulnerable to ever more sophisticated counterfeiters.
The government will consult on the new coin in detail, focusing on the impacts on business, and expects to introduce it in 2017.
In figures released today, the Royal Mint estimates that about 3% of all £1 coins are now forgeries. In some parts of the United Kingdom country, it is as high as 5%. Over the past few years, around 2 million fake £1 coins have been removed from circulation each year. This is a direct cost to the banks and cash handling centres, and to the economy.
Whilst law enforcement agencies are successfully cracking down on counterfeiting groups, the only sustainable solution to ensure that we stay ahead of the criminals is to introduce a new, highly secure coin, reducing costs to business and the taxpayer.
(CVS/CD)
The new coin will have the same shape as the 12-sided three pence piece or 'threepenny bit'.
The current £1 coin has been in circulation for over thirty years - much longer than the normal life cycle of a modern British coin. Its technology is no longer suitable for a coin of its value, leaving it vulnerable to ever more sophisticated counterfeiters.
The government will consult on the new coin in detail, focusing on the impacts on business, and expects to introduce it in 2017.
In figures released today, the Royal Mint estimates that about 3% of all £1 coins are now forgeries. In some parts of the United Kingdom country, it is as high as 5%. Over the past few years, around 2 million fake £1 coins have been removed from circulation each year. This is a direct cost to the banks and cash handling centres, and to the economy.
Whilst law enforcement agencies are successfully cracking down on counterfeiting groups, the only sustainable solution to ensure that we stay ahead of the criminals is to introduce a new, highly secure coin, reducing costs to business and the taxpayer.
(CVS/CD)
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