Menu
19/03/2014
New £1 Coin To Combat Counterfeiting
A new £1 coin which will be the most secure coin in circulation in the world has been announced by the government.
The new coin will have the same shape as the 12-sided three pence piece or 'threepenny bit'.
The current £1 coin has been in circulation for over thirty years - much longer than the normal life cycle of a modern British coin. Its technology is no longer suitable for a coin of its value, leaving it vulnerable to ever more sophisticated counterfeiters.
The government will consult on the new coin in detail, focusing on the impacts on business, and expects to introduce it in 2017.
In figures released today, the Royal Mint estimates that about 3% of all £1 coins are now forgeries. In some parts of the United Kingdom country, it is as high as 5%. Over the past few years, around 2 million fake £1 coins have been removed from circulation each year. This is a direct cost to the banks and cash handling centres, and to the economy.
Whilst law enforcement agencies are successfully cracking down on counterfeiting groups, the only sustainable solution to ensure that we stay ahead of the criminals is to introduce a new, highly secure coin, reducing costs to business and the taxpayer.
(CVS/CD)
The new coin will have the same shape as the 12-sided three pence piece or 'threepenny bit'.
The current £1 coin has been in circulation for over thirty years - much longer than the normal life cycle of a modern British coin. Its technology is no longer suitable for a coin of its value, leaving it vulnerable to ever more sophisticated counterfeiters.
The government will consult on the new coin in detail, focusing on the impacts on business, and expects to introduce it in 2017.
In figures released today, the Royal Mint estimates that about 3% of all £1 coins are now forgeries. In some parts of the United Kingdom country, it is as high as 5%. Over the past few years, around 2 million fake £1 coins have been removed from circulation each year. This is a direct cost to the banks and cash handling centres, and to the economy.
Whilst law enforcement agencies are successfully cracking down on counterfeiting groups, the only sustainable solution to ensure that we stay ahead of the criminals is to introduce a new, highly secure coin, reducing costs to business and the taxpayer.
(CVS/CD)
Related UK National News Stories
Click here for the latest headlines.
18 March 2015
New £1 Coin Design Revealed
The new £1 coin design has been unveiled by the UK Chancellor. The coin, which has been designed by teenager David Pearce, will be in circulation from 2017. Mr Pearce, 15, won a competition organised by the Royal Mint on behalf of Her Majesty's Treasury, to design the 'tails' side of the coin.
New £1 Coin Design Revealed
The new £1 coin design has been unveiled by the UK Chancellor. The coin, which has been designed by teenager David Pearce, will be in circulation from 2017. Mr Pearce, 15, won a competition organised by the Royal Mint on behalf of Her Majesty's Treasury, to design the 'tails' side of the coin.
08 October 2013
The Royal Mint Launches New Christening Coin
History is being made as Prince George of Cambridge becomes the first royal baby to be honoured with a christening coin from The Royal Mint.
The Royal Mint Launches New Christening Coin
History is being made as Prince George of Cambridge becomes the first royal baby to be honoured with a christening coin from The Royal Mint.
04 July 2013
Silver Coin Produced Ahead Of New Royal Baby's Arrival
Babies born on the same day as the Duke and Duchess of Cambridge's first child are to receive a silver penny issued by the Royal Mint. Some 2,013 commemorative coins have been created to share out with babies born alongside the new royal, who will be third in line to the throne.
Silver Coin Produced Ahead Of New Royal Baby's Arrival
Babies born on the same day as the Duke and Duchess of Cambridge's first child are to receive a silver penny issued by the Royal Mint. Some 2,013 commemorative coins have been created to share out with babies born alongside the new royal, who will be third in line to the throne.
08 April 2010
Coin Factory Fraudsters Jailed
A Sittingbourne man has been sentenced to three and a half years in prison at Maidstone Crown Court for forgery-related offences. The sentence follows an investigation by Kent Police's Serious Economic Crime Unit into the discovery of thousands of fake £1 coins at an isolated farm in Tonge, near Sittingbourne, on 13 May last year.
Coin Factory Fraudsters Jailed
A Sittingbourne man has been sentenced to three and a half years in prison at Maidstone Crown Court for forgery-related offences. The sentence follows an investigation by Kent Police's Serious Economic Crime Unit into the discovery of thousands of fake £1 coins at an isolated farm in Tonge, near Sittingbourne, on 13 May last year.
18 December 2013
Councils 'Pay Your Rent!' Christmas Card Criticised
Christmas cards sent to council tenants in west London reading, "Don't overindulge this Christmas. Pay your rent!", have been described as insulting.
Councils 'Pay Your Rent!' Christmas Card Criticised
Christmas cards sent to council tenants in west London reading, "Don't overindulge this Christmas. Pay your rent!", have been described as insulting.
-
Northern Ireland WeatherToday:Cloudy with longer spells of rain during the morning, this rain heavy at times. Generally brighter in the afternoon, but with scattered and at times heavy showers. Maximum temperature 14 °C.Tonight:A mainly dry evening and night with isolated showers dying out and some longer clear spells. Then it will cloud over towards morning with some heavy showers. Minimum temperature 7 °C.
