A new £1 coin will be introduced in George Osborne's Budget speech

The new £1 coin that has been introduced to fight off fraudsters

The new £1 coin that has been introduced to fight off fraudsters

First published in News
Last updated

A NEW £1 coin will be introduced to beat clever fraudsters targeting the current one, George Osborne will reveal today.

The Chancellor will use his Budget speech to announce “the most secure coin in circulation in the world” - to be introduced in 2017.

And he will delight traditionalists by modelling the replacement £1 on the 'Threepenny bit', the 12-sided three pence coin which was scrapped in 1971.

A Treasury source said: “After thirty years loyal service, the time is right to retire the current £1 coin and replace it with the most secure coin in the world.

“With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters, it's vital that we keep several paces ahead of the criminals to maintain the integrity of our currency.”

The Royal Mint estimates that a staggering 45 million £1 coins - three per cent of the total - are now forgeries. In some areas, that proportion is six per cent.

Daily Echo:

Around 2m counterfeits are removed from circulation each year, imposing a cost on the banks, cash handling centres and the wider economy.

Now the replacement will be bi-metallic, with two colours and boast Integrated Secure Identification System (iSIS) technology, with three tiers of security.

One side will carry Queen's head, but there will be a public competition to decide the design for the reverse, or 'tails' side, of the coin.

Comments (14)

Please log in to enable comment sorting

5:48am Wed 19 Mar 14

skeptik says...

Georgie porgie pasty and pies - taxed the grannies and made them cry, when the girls and boys came out to play - 'what have you got there Georgie?'
Georgie porgie pasty and pies - taxed the grannies and made them cry, when the girls and boys came out to play - 'what have you got there Georgie?' skeptik
  • Score: -11

6:22am Wed 19 Mar 14

mickey01 says...

i would have the union jack on the other side but i expect it will be some diverse design to please the minorities that has nothing to do with great brittain
i would have the union jack on the other side but i expect it will be some diverse design to please the minorities that has nothing to do with great brittain mickey01
  • Score: -10

8:50am Wed 19 Mar 14

gilbertratchet says...

mickey01 wrote:
i would have the union jack on the other side but i expect it will be some diverse design to please the minorities that has nothing to do with great brittain
Well, the Union Flag *doesn't* have anything to do with Great Britain. It's the flag of the United Kingdom. Do you even understand the difference?

Given that there's a real possibility the coin will be in circulation in a country that isn't part of that union, don't you think it would be a bit stupid to go stamping the flag of the union all over it? Or do you think the Scots are "minorities"?

Let the cretinous xenophobia commence.
[quote][p][bold]mickey01[/bold] wrote: i would have the union jack on the other side but i expect it will be some diverse design to please the minorities that has nothing to do with great brittain[/p][/quote]Well, the Union Flag *doesn't* have anything to do with Great Britain. It's the flag of the United Kingdom. Do you even understand the difference? Given that there's a real possibility the coin will be in circulation in a country that isn't part of that union, don't you think it would be a bit stupid to go stamping the flag of the union all over it? Or do you think the Scots are "minorities"? Let the cretinous xenophobia commence. gilbertratchet
  • Score: 7

9:35am Wed 19 Mar 14

gasboard29 says...

mickey01 pulling the old race card. What a Tw@T.
mickey01 pulling the old race card. What a Tw@T. gasboard29
  • Score: 4

9:58am Wed 19 Mar 14

good-gosh says...

That's good. They won't roll under the sofa any more.
That's good. They won't roll under the sofa any more. good-gosh
  • Score: 4

10:08am Wed 19 Mar 14

gilbertratchet says...

good-gosh wrote:
That's good. They won't roll under the sofa any more.
You can afford a sofa? Get old 'moneybags' here!
[quote][p][bold]good-gosh[/bold] wrote: That's good. They won't roll under the sofa any more.[/p][/quote]You can afford a sofa? Get old 'moneybags' here! gilbertratchet
  • Score: 2

10:40am Wed 19 Mar 14

countrywench says...

Ok good idea ..but ..
What about all the businesses that use the £1 slot ?
The coin mechanisms do not come cheap !
Fruit machines , launderette , parking meters , the list is endless ..
Another blow to small businesses with no help with costs I bet ..
Ok good idea ..but .. What about all the businesses that use the £1 slot ? The coin mechanisms do not come cheap ! Fruit machines , launderette , parking meters , the list is endless .. Another blow to small businesses with no help with costs I bet .. countrywench
  • Score: -4

10:55am Wed 19 Mar 14

The_Fuzz22 says...

mickey01 wrote:
i would have the union jack on the other side but i expect it will be some diverse design to please the minorities that has nothing to do with great brittain
You're in no position to be this bigoted when most of the minorities can spell the name of the country better than you.

YOU are the problem with this country, you cretinous waste of flesh and water.
[quote][p][bold]mickey01[/bold] wrote: i would have the union jack on the other side but i expect it will be some diverse design to please the minorities that has nothing to do with great brittain[/p][/quote]You're in no position to be this bigoted when most of the minorities can spell the name of the country better than you. YOU are the problem with this country, you cretinous waste of flesh and water. The_Fuzz22
  • Score: 4

10:55am Wed 19 Mar 14

theoriginalwasp says...

countrywench wrote:
Ok good idea ..but ..
What about all the businesses that use the £1 slot ?
The coin mechanisms do not come cheap !
Fruit machines , launderette , parking meters , the list is endless ..
Another blow to small businesses with no help with costs I bet ..
You'll never get your coin in to the trolleys at Tesco now!
[quote][p][bold]countrywench[/bold] wrote: Ok good idea ..but .. What about all the businesses that use the £1 slot ? The coin mechanisms do not come cheap ! Fruit machines , launderette , parking meters , the list is endless .. Another blow to small businesses with no help with costs I bet ..[/p][/quote]You'll never get your coin in to the trolleys at Tesco now! theoriginalwasp
  • Score: 1

11:55am Wed 19 Mar 14

OSPREYSAINT says...

I predict bigger holes in everyone's pockets.
I predict bigger holes in everyone's pockets. OSPREYSAINT
  • Score: -1

11:57am Wed 19 Mar 14

gilbertratchet says...

countrywench wrote:
Ok good idea ..but ..
What about all the businesses that use the £1 slot ?
The coin mechanisms do not come cheap !
Fruit machines , launderette , parking meters , the list is endless ..
Another blow to small businesses with no help with costs I bet ..
Those coin machines wear out quite quickly and have to be maintained whether the coins change or not.
[quote][p][bold]countrywench[/bold] wrote: Ok good idea ..but .. What about all the businesses that use the £1 slot ? The coin mechanisms do not come cheap ! Fruit machines , launderette , parking meters , the list is endless .. Another blow to small businesses with no help with costs I bet ..[/p][/quote]Those coin machines wear out quite quickly and have to be maintained whether the coins change or not. gilbertratchet
  • Score: 4

12:03pm Wed 19 Mar 14

Jesta-a-View says...

Surely the Two Pound Coin, being worth more, was the place to start?

As for Forgeries and the prevention of Forging, HO HUM!

This is 2014, not 1814 and with CNC machinery it won't take long or cost much in investment for the fraudsters to stamp their mark on the new coin.

The question is, will it be easier for you or I to spot a dud?

I mean, it is usually fairly easy to spot a dud Pound coin now isn't it and the fact is, we do not care and carry on using them anyway when legally, we ought to be pointing it out and handing them over to the banks at our own loss.

I doubt a twelve sided Quid will give rise to an increase in Good Citizenship and on that note....I reckon they should put Dell Boy on the back of it!
Surely the Two Pound Coin, being worth more, was the place to start? As for Forgeries and the prevention of Forging, HO HUM! This is 2014, not 1814 and with CNC machinery it won't take long or cost much in investment for the fraudsters to stamp their mark on the new coin. The question is, will it be easier for you or I to spot a dud? I mean, it is usually fairly easy to spot a dud Pound coin now isn't it and the fact is, we do not care and carry on using them anyway when legally, we ought to be pointing it out and handing them over to the banks at our own loss. I doubt a twelve sided Quid will give rise to an increase in Good Citizenship and on that note....I reckon they should put Dell Boy on the back of it! Jesta-a-View
  • Score: -2

1:39pm Wed 19 Mar 14

B. L. says...

Jesta-a-View wrote:
Surely the Two Pound Coin, being worth more, was the place to start?

As for Forgeries and the prevention of Forging, HO HUM!

This is 2014, not 1814 and with CNC machinery it won't take long or cost much in investment for the fraudsters to stamp their mark on the new coin.

The question is, will it be easier for you or I to spot a dud?

I mean, it is usually fairly easy to spot a dud Pound coin now isn't it and the fact is, we do not care and carry on using them anyway when legally, we ought to be pointing it out and handing them over to the banks at our own loss.

I doubt a twelve sided Quid will give rise to an increase in Good Citizenship and on that note....I reckon they should put Dell Boy on the back of it!
Oh Rodney you're such a p...... :)
[quote][p][bold]Jesta-a-View[/bold] wrote: Surely the Two Pound Coin, being worth more, was the place to start? As for Forgeries and the prevention of Forging, HO HUM! This is 2014, not 1814 and with CNC machinery it won't take long or cost much in investment for the fraudsters to stamp their mark on the new coin. The question is, will it be easier for you or I to spot a dud? I mean, it is usually fairly easy to spot a dud Pound coin now isn't it and the fact is, we do not care and carry on using them anyway when legally, we ought to be pointing it out and handing them over to the banks at our own loss. I doubt a twelve sided Quid will give rise to an increase in Good Citizenship and on that note....I reckon they should put Dell Boy on the back of it![/p][/quote]Oh Rodney you're such a p...... :) B. L.
  • Score: 2

2:45pm Wed 19 Mar 14

Positively4thStreet says...

The old "Threepenny bit"was my favourite coin,can't believe its returning as a pound...well done old friend, I've missed you.
The old "Threepenny bit"was my favourite coin,can't believe its returning as a pound...well done old friend, I've missed you. Positively4thStreet
  • Score: 2

Comments are closed on this article.

Send us your news, pictures and videos

Most read stories

Local Info

Enter your postcode, town or place name

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree