The new “forgery proof” 12-sided £1 coins are already rolling off the Royal Mint press a year before they start to reach people’s pockets this coming March, ahead of the traditional £1 coin which is being replaced for the first time in more than 30 years because of its vulnerability to sophisticated counterfeiters. Both pounds will be in circulation during a six-month crossover period after the release of the newly minted coin.
The new design pound is said to be “forgery proof” and has been billed as the “the most secure circulating coin in the world”.
With fake coins costing the government up to £2 million a year, the ultra-secure replacement will be far harder for forgers to copy.
The Royal Mint will work with businesses during the introduction phase of the new coin and an awareness and education campaign is planned to help ensure a smooth transition to launch in 2017. We’re getting ahead of the curve by installing software so that all our machines can accept these ahead of the phase in this year. Our machines already accept the new £5 note and we will be future proofing machines at the end of March so that they are ready to accept the new £10 note which is also due for release this September.
Adam Lawrence, chief executive of the Royal Mint, said that by modernising the coin “we are helping to redefine the world of coinage for the future”.
Jonathan Hart, chief executive of the Automatic Vending Association (AVA), said: “The AVA and the Royal Mint have been working together for a number of years to ensure implementation of the new one-pound coin proceeds as smoothly as possible.
“Whilst we can’t hide from the fact there is a sizeable piece of work for our members to undertake to ensure readiness, as an organisation we completely understand and support the rationale and the need for a new, secure, one one-pound coin in the United Kingdom.”