UK launches new £1 coin

The UK’s Royal Mint has today (March 28) introduced what it claims is the “world’s most secure coin” into circulation, integrating a new security feature never before used for coin security.

The new 12-sided £1 coin is constructed from two metals of different colours and contains a hidden “high security feature”, developed by the Royal Mint’s in-house technology team, the official UK minter said.

According to the UK Treasury, the high security feature incorporates three tiers of banknote-strength security “and can be authenticated via high-speed automated detection units”.

“The high security feature involves the application of an existing security technology that has been proven over decades in banknotes. It is the first time that this existing security has been successfully embedded into coins,” it added.

Around 1.5 billion of the new coins – the first new design to be introduced in more than 30 years – are being produced. The coins will be distributed across the country over the next six months.

The UK’s old £1 coin is the most counterfeited of all the country’s coinage, with one in 30 registering as fake. The Royal Mint has estimated there are around 45 million counterfeit £1 coins currently in circulation.

“This is a giant step forward to help stamp out counterfeit coins and save businesses and the taxpayer millions of pounds every year,” said the commercial secretary to the UK Treasury, Lucy Neville-Rolfe.

The chief executive of the Royal Mint, Adam Lawrence, said staying ahead of “sophisticated counterfeiters” remains a challenge for those working in the coin industry.

“This coin helps us in that battle,” he said. “It has been designed to be fit for the future, using security features that aim to safeguard our currency… for years to come.”

New design

The Royal Mint first announced plans to mint a new £1 coin back in 2014. Minting began in 2016.

The new coin looks drastically different from the old design. The outer ring is gold coloured, made from nickel brass, while the inner ring is silver coloured, made from nickel-plated alloy.

The coin has been made more secure through the use of a new hologram-like feature, which changes the ‘£’ symbol to the number 1 when it is titled at different angles. Micro-lettering and milled edges have also been integrated to ensure maximum security.

The design stamped onto the £1 has also been revised, paying homage to all regions of the United Kingdom. David Pearce, the coin’s designer, chose to depict the English rose, Welsh leek, Scottish thistle and Northern Irish shamrock.

The coin is thinner and lighter than the existing version but slightly larger in diameter.

Prepared calibration

The Royal Mint, in conjunction with the Treasury, has been working with businesses for the past three years to help industry prepare for the coin’s introduction.

In its release today, the Treasury acknowledged not all machines that process coins will have been upgraded from the date of circulation.

Parking is one such area. “Most of the major parking machine manufacturers are positive they will be able to manage the upgrade in a timely manner, having begun upgrades over 12 months ago,” said David Smith, head of public affairs and research at the British Parking Association.

Members of the public have until October to spend or return all round £1 coins, from which date it will lose its status as legal tender. However, people will still be able to return coins to their local bank or the Bank of England after this date.