In For A Penny In For Pound
Royal Mint have coining the new pound coin as "The most secure coin in the world" Fairly bold, right? Currently, it is estimated that there are ￡30million fake ￡1 coins in circulation. Introducing this new design will be the first step to eradicating these 30,000,000 coins. From 15th October 2017, all shops and patrons will be able to refuse the old design coins.
Why is this the most secure coin in the world? The new coin has several features that make it fairly difficult to counterfeit. Let's look at these features more closely.
- Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example; 2016 or 2017.
- Milled edges – it has grooves on alternate sides.
- Hidden high-security feature – a high-security feature is built into the coin to protect it from counterfeiting in the future.
- Latent image – it has an image like a hologram that changes from a ‘￡’ symbol to the number '1' when the coin is seen from different angles.
- Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).
- 12-sided – its distinctive shape makes it instantly recognisable, even by touch.
State-of-the-art
The coin’s design pays homage to the UK's heritage. Crafted and engineered by The Royal Mint using cutting-edge technology developed on its site in South Wales.
The coin was designed by a 15-year-old competition winner; David Pearce.
Bold new design – it boasts the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet.
The fifth coinage portrait – the fifth coin portrait of Her Majesty the Queen, designed by Royal Mint coin designer Jody Clark (35), is featured on the coin. Jody Clark joined The Royal Mint in September 2012 and he has enjoyed award-winning success including 2014 flagship Britannia collection.
Young David has designed the face-lift however, the overall dimensions are also changing.
- Thickness: 2.8mm – it is thinner than the round ￡1 coin.
- Weight: 8.75g – it is lighter than the round ￡1 coin.
- Diameter: 23.43mm – it is slightly larger than the round ￡1 coin, the maximum diameter (point to point) is 23.43mm.
Why replace the ￡1 coin?
The current ￡1 coin is being replaced for the first time in 3 decades due to its vulnerability to sophisticated counterfeiters. The skill and proficiency these counterfeiters possess have resulted in ￡30million in open circulation. Predominantly this is why Royal Mint have introduced a new, highly secure coin.
