“After thirty years loyal service, the time is right to retire the current £1 coin, and replace it with the most secure coin in the world,” said George Osborne, the Chancellor of the Exchequer. “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.” A consultation will be held over the summer discussing positive and negative impacts of the new currency before final decisions regarding the new coin are made.
With its updated technology and attempt at uninterrupted security, the proposed coin is surprisingly beautiful, with its contrasting dual metals and profile of Queen Elizabeth II. To include the people in creating their new currency, a public design competition will decide what the image on the reverse side of the coin will be. The new coin is expected to be introduced into circulation by 2017.