26 March 2017
Visit EBAday.com

New 'secure' £1 coin to be released in March

03 January 2017  |  9518 views  |  0 new £1

The UK treasury is set to roll out a new £1 coin in late March which it claims is the most resistant to counterfeiting ever produced.

The new 12-sided £1 coin, the first new version to be produced in over 30 years, has a number of new security features including a hologram or latent image that changes from a '1' to a '£' when seen from different angles.

Other security features include a bimetallic structure, the use of microlettering and a so-called hidden high-security feature built in to the coin to protect it from counterfeiting.

It is estimated that counterfeting costs UK business millions of pounds every year. In 2014, more than £8 million worth of fake banknotes and coins were removed from circulation. The Treasury also believes that one in 30 £1 coins in circulation are counterfeit.

The Bank of England has recently tried to address counterfeit notes by introducing a new £5 note but it was widely criticised for using animal polymers.

The new £1 coin has been a long time in production. A final design was approved back in March 2015. All of this development comes at a time when alternative payment methods and virtual currencies are more popular than ever with consumers. However, coins and bank notes are still widely used on UK high streets. It is also estimated that more than 400,000 £1 coins are currently stored in jars and piggy banks in UK homes.

The UK Mint will produce 1.5 billion of the new coins and they will enter circulation on March 28th. The current coins will continue to be accepted as legal tender until October 15th 2017.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

The pound will not be round for much longer

The pound will not be round for much longer

31 October 2016  |  6680 views  |  1 comments | 12 tweets | 10 linkedin
Brits ready to ditch cash for cards

Brits ready to ditch cash for cards

07 October 2016  |  11404 views  |  7 comments | 21 tweets | 23 linkedin
Consumer use of cash slides as alternative payment methods take hold

Consumer use of cash slides as alternative payment methods take hold

01 August 2016  |  8297 views  |  2 comments | 19 tweets | 27 linkedin
New £1 coin unveiled to beat the counterfeiters

New £1 coin unveiled to beat the counterfeiters

18 March 2015  |  4035 views  |  0 comments | 7 tweets | 2 linkedin
UK cops seize £4.1m in fake coins

UK cops seize £4.1m in fake coins

25 May 2012  |  5334 views  |  0 comments
Boffins bid to outwit counterfeiters with electronic banknotes

Boffins bid to outwit counterfeiters with electronic banknotes

06 January 2011  |  9323 views  |  2 comments
US gives $100 note makeover to beat counterfeiters

US gives $100 note makeover to beat counterfeiters

22 April 2010  |  8198 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comvisit abe-eba.eu

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57367 views comments | 16 tweets | 36 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
9713 views comments | 43 tweets | 26 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8940 views comments | 23 tweets | 37 linkedin
MAS to roll out national KYC utility for SingaporeMAS to roll out national KYC utility for S...
7934 views comments | 19 tweets | 28 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7378 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job