New £1 coin has 12 sides - what do you think of it?

Surrey Comet: One side of a new one-pound coin unveiled by the Government, which officials said will be the most secure coin in circulation in the world (PA/HM Treasury) One side of a new one-pound coin unveiled by the Government, which officials said will be the most secure coin in circulation in the world (PA/HM Treasury)

A new 12-sided one pound coin based on the threepenny bit is being unveiled.

Described as a "giant leap into the future" the new coin will replace the old one, after the Treasury announced that 3 per cent in circulation are fake - a total of over 45 million.

The coin is based on the historic three pence piece, also known as the 'Threepenny bit', which was the first coin to feature a portrait of Queen Elizabeth II.

But unlike its predecessor, the new coin - which will be roughly the same size as the existing one when introduced in 2017 - will contain an array of technological advances making it difficult to forge.

As well as a 'bi-metallic' construction similar to the existing £2 coin, the new £1 will also feature new banknote-strength security pioneered at the Royal Mint's headquarters in Llantrisant, South Wales.

A Treasury spokesman said: " After 30 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.

"We are particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time, paying a fitting tribute to past in the 12-sided design of the iconic Threepenny bit".

Surrey Comet: The reverse side of a 12-sided three-pence piece which was in circulation from 1937 until decimalisation in 1971 (PA/HM Treasury)

The reverse side of a 12-sided three-pence piece which was in circulation from 1937 until decimalisation in 1971 (PA/HM Treasury)

Royal Mint chief executive Adam Lawrence hailed the "exciting project", adding: " The current £1 coin design is now more than 30 years old and it has become increasingly vulnerable to counterfeiting over time.

"It is our aim to identify and produce a pioneering new coin which helps to reduce the opportunities for counterfeiting, helping to boost public confidence in the UK's currency in the process.

"We're extremely proud that the proposal includes the Royal Mint's Integrated Secure Identification System (iSIS) technology, offering greater currency security at a lower cost."

As with all coins, the Queen's effigy will be on the "heads" side, but the Treasury has said there will be a public competition to decide the design for the 'tails' side.

A Bank of England spokesman added: "Coins are the responsibility of the Royal Mint and together with the Bank's decision to produce polymer banknotes, this change will enhance the security and integrity of the currency."

National Crime Agency counterfeiting expert John Sheridan said: "The issuing of a new coin with enhanced security features will make it more difficult for criminals to copy as well as presenting increased opportunities for law enforcement to investigate and disrupt the producers and distributors of counterfeit currency."

What do you think about the new £1 coin. Leave your comments below and take part in the poll.

Comments (18)

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6:59am Wed 19 Mar 14

VAW&DW says...

Will this be compatible with current vending machines, trolleys, self checkout tills etc. if not, how much will it cost to update everything?
Will this be compatible with current vending machines, trolleys, self checkout tills etc. if not, how much will it cost to update everything? VAW&DW
  • Score: 6

7:28am Wed 19 Mar 14

Evergrowingbrain says...

I'm no expert, but I thought coins needed an odd number of sides to maintain a uniform diameter and therefore be recognised by machines...
I'm no expert, but I thought coins needed an odd number of sides to maintain a uniform diameter and therefore be recognised by machines... Evergrowingbrain
  • Score: 1

9:15am Wed 19 Mar 14

jeremyhm says...

looks just like the old threepenny bit (pre-decimal); probably worth about as much, too. That had a plant called "Thrift" on the back (double meaning, nudge, nudge, wink, wink)
looks just like the old threepenny bit (pre-decimal); probably worth about as much, too. That had a plant called "Thrift" on the back (double meaning, nudge, nudge, wink, wink) jeremyhm
  • Score: 1

10:04am Wed 19 Mar 14

robmorleyuk says...

Nice to see the treasury still can't count. 12 edges + back + front =14 sides.
Nice to see the treasury still can't count. 12 edges + back + front =14 sides. robmorleyuk
  • Score: -6

10:46am Wed 19 Mar 14

Hove Ex-Pat says...

jeremyhm wrote:
looks just like the old threepenny bit (pre-decimal); probably worth about as much, too. That had a plant called "Thrift" on the back (double meaning, nudge, nudge, wink, wink)
Now that is wicked. The threepenny bit was worth much more than the current pound coin.
[quote][p][bold]jeremyhm[/bold] wrote: looks just like the old threepenny bit (pre-decimal); probably worth about as much, too. That had a plant called "Thrift" on the back (double meaning, nudge, nudge, wink, wink)[/p][/quote]Now that is wicked. The threepenny bit was worth much more than the current pound coin. Hove Ex-Pat
  • Score: -1

10:52am Wed 19 Mar 14

Angela M says...

Not a fan - it looks a bit clunky. I hope it won't take as long to update all the vending machines as it did after the £2 coin was introduced.
Not a fan - it looks a bit clunky. I hope it won't take as long to update all the vending machines as it did after the £2 coin was introduced. Angela M
  • Score: 0

11:18am Wed 19 Mar 14

jeremyhm says...

Hove ex-pat: close! Nickel-brass threepenny bit introduced in 1937. According to RPI, purchasing power in 2012 (latest date available) is 71p
Hove ex-pat: close! Nickel-brass threepenny bit introduced in 1937. According to RPI, purchasing power in 2012 (latest date available) is 71p jeremyhm
  • Score: 1

11:30am Wed 19 Mar 14

EwellMan says...

I think it looks great.....anything to mark forgery harder but not taking away its looks has to be beneficial. My only concern and already mentioned is cost to business. the cost toupdating train ticket, parking meters etc will cost millions and inderectly paid for by the taxpayer, surely money which could be better spent on schools, policing etc.
I think it looks great.....anything to mark forgery harder but not taking away its looks has to be beneficial. My only concern and already mentioned is cost to business. the cost toupdating train ticket, parking meters etc will cost millions and inderectly paid for by the taxpayer, surely money which could be better spent on schools, policing etc. EwellMan
  • Score: 6

12:25pm Wed 19 Mar 14

aspicer says...

Maybe the Police should spend thier time finding the forgers instead of fining homeless men, then the problem stops and the whole country does not need to incur the changeover expense.
An expensive solution for all, that still does not address the root cause of the problem.
p.s. Shouldn't the Royal Mint be designing the first UK Euro not sticking to this old pound thingy?
Maybe the Police should spend thier time finding the forgers instead of fining homeless men, then the problem stops and the whole country does not need to incur the changeover expense. An expensive solution for all, that still does not address the root cause of the problem. p.s. Shouldn't the Royal Mint be designing the first UK Euro not sticking to this old pound thingy? aspicer
  • Score: -7

2:16pm Wed 19 Mar 14

buggsie says...

Surely you should ask the people who own vending machines - ticket machines etc - how much it is going to cost them.
Surely you should ask the people who own vending machines - ticket machines etc - how much it is going to cost them. buggsie
  • Score: 0

3:03pm Wed 19 Mar 14

Michael Pantlin says...

I like the retro look and am pleased the £1 coin is changing because I've been on the receiving end of a couple of forgeries. New coin will soon be worth about threepence though. Only coin I dislike and do not want to see is the Euro.
I like the retro look and am pleased the £1 coin is changing because I've been on the receiving end of a couple of forgeries. New coin will soon be worth about threepence though. Only coin I dislike and do not want to see is the Euro. Michael Pantlin
  • Score: 3

7:07pm Wed 19 Mar 14

Binsanity says...

This new coin is to be introduced in 2017. Could the new Euro look similar and also be introduced about the same time. More to this me thinks.
This new coin is to be introduced in 2017. Could the new Euro look similar and also be introduced about the same time. More to this me thinks. Binsanity
  • Score: -1

9:05am Thu 20 Mar 14

CROYDON RESI says...

VAW&DW wrote:
Will this be compatible with current vending machines, trolleys, self checkout tills etc. if not, how much will it cost to update everything?
More business and work to change them, great idea
[quote][p][bold]VAW&DW[/bold] wrote: Will this be compatible with current vending machines, trolleys, self checkout tills etc. if not, how much will it cost to update everything?[/p][/quote]More business and work to change them, great idea CROYDON RESI
  • Score: 1

9:07am Thu 20 Mar 14

CROYDON RESI says...

BUT !!!! DOES ANYONE REALLY CARE? HONESTLY DO YOU CARE? THE £1 NOTE WENT AND WAS REPLACED WITH A COIN AND THE NATION LOST IT !! WE ARE LUCKY TO HAVE LIVES IN THE UK WHERE WE CAN GIVE ANY OXYGEN TO THIS SORT OF STORY AT ALL. I AM JUST AS BAD FOR EVEN COMMENTING !!!
BUT !!!! DOES ANYONE REALLY CARE? HONESTLY DO YOU CARE? THE £1 NOTE WENT AND WAS REPLACED WITH A COIN AND THE NATION LOST IT !! WE ARE LUCKY TO HAVE LIVES IN THE UK WHERE WE CAN GIVE ANY OXYGEN TO THIS SORT OF STORY AT ALL. I AM JUST AS BAD FOR EVEN COMMENTING !!! CROYDON RESI
  • Score: -4

10:28am Thu 20 Mar 14

Luis Pizarro says...

About time, I was landed with one in my change from a corner shop, the owner just shrugged his shoulders and refused to reinburse me, never use a corner shop was my answer to these crooks from now on.
About time, I was landed with one in my change from a corner shop, the owner just shrugged his shoulders and refused to reinburse me, never use a corner shop was my answer to these crooks from now on. Luis Pizarro
  • Score: 1

3:29pm Thu 20 Mar 14

martnal says...

I used to love the sound of a rolling thrupenny bit.
I used to love the sound of a rolling thrupenny bit. martnal
  • Score: 1

9:55am Sat 22 Mar 14

papaleigh says...

probably all these foreign crooks from argentina over here in their grubby garages churning out the fake coins......
probably all these foreign crooks from argentina over here in their grubby garages churning out the fake coins...... papaleigh
  • Score: -1

5:27pm Mon 24 Mar 14

metis says...

buggsie wrote:
Surely you should ask the people who own vending machines - ticket machines etc - how much it is going to cost them.
...and buy shares in the firms that make the vending machines !!
[quote][p][bold]buggsie[/bold] wrote: Surely you should ask the people who own vending machines - ticket machines etc - how much it is going to cost them.[/p][/quote]...and buy shares in the firms that make the vending machines !! metis
  • Score: 1

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