Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Handout photo from the Royal Mint shows the new 12-sided pound coin to be introduced in Britain/AFP


Britain hopes to foil fraudsters with new £1 coin

 Handout photo from the Royal Mint shows the new 12-sided pound coin to be introduced in Britain/AFP

Handout photo from the Royal Mint shows the new 12-sided pound coin to be introduced in Britain/AFP

LONDON, March 19- Britain announced Wednesday it was ditching the £1 coin it has used for the past three decades and replacing it with a 12 sided piece that will be harder to fake.

The Treasury says the new coin, made of two metals in two different colours and modelled on the old Threepenny bit, will be “the most secure coin in circulation in the world”.

About three percent of all £1 coins, about 45 million, are currently forgeries and in some parts of Britain this rises to six percent, according to the Royal Mint.

The new coin will have the same shape of the old “Threepenny bit” that was introduced in 1937 and went out with decimalisation in 1971.

It was popular during World War II when households and businesses had to abide by a blackout to thwart enemy bombings, because its distinctive size and shape made it easy to recognise in the dark.

The new £1 will be made using cutting edge technology that allows it to be easily authenticated. Combined with the use of two metals and the 12 sides, the Royal Mint hopes it will be hard to counterfeit.

Finance Minister George Osborne said: “After 30 years of 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 every more vulnerable to counterfeiters, it’s vital that we keep several paces ahead of the criminals to maintain the integrity of our currency.”

The new coin is expected to be in circulation by 2017, following a consultation with businesses.

As with all British coins, the ‘heads’ side will feature the image of Queen Elizabeth II and there will be a public competition to decide the ‘tails’ side.

Advertisement. Scroll to continue reading.
Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...