Out with the old, in with the new £1
The government has announced today that the £1 coin is to be replaced with a new ultra-secure design based on the old Threepenny bit.
Developed with The Royal Mint’s iSIS technology in South Wales, the new coin will be bi-metallic and 12-sided.
It replaces the familiar current piece which has faced increasing battles with counterfeiters in recent years, and has enjoyed an exceptionally long lifecycle following its first issue in 1983. The £1 note was withdrawn from circulation in 1988.
The new coin promises to be the most secure the world, featuring banknote-level security which can be verified at all points of the cash cycle.
It is believed that there are currently over 1.5 billion £1 coins in circulation, and Vaultex alone processed over 800 million in 2013.
The Royal Mint believes 3% of all in circulation to be counterfeits – ultimately costing the economy £45m.
With the coins expected to be introduced in 2017, it will be a huge task to replace the old with the new. Vaultex will work with other industry members in conjunction with The Royal Mint to ensure the transition is as smooth and efficient as possible.
“We fully support The Royal Mint with their coin replacement initiatives and, as an industry member, we are excited to play a part in it”, says Mark Trevor, Commercial Director at Vaultex. “The improved security of the coin will benefit all stakeholders – including, most importantly, our customers and the general public.”