The Royal Mint is introducing the new coin as it believes 3% of existing £1 coins are fake

A new £1 coin, billed by the Royal Mint as the “most secure coin in the world”, is to be introduced in 2017.

The move comes amid concerns about the 30-year old coin’s vulnerability to counterfeiting, with an estimated 45 million forgeries in circulation.

The new coin is based on the design of the old threepenny bit, a 12-sided coin in circulation between 1937 and 1971.

A competition will be held to decide what image to put on the “tails” side of the coin.

The Royal Mint, which believes 3% of existing £1 coins are fake, said the move would increase “public confidence” in the UK’s currency and reduce costs for banks and other businesses.

The new coin has been modelled on the old threepenny bit

 

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