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Monday, October 06, 2014

New £1 Coin

In an effort to reduce forgeries, the Royal Mint will be introducing a new £1 coin in 2017.

The coin, which the Mint claims will be the "most secure coin in the world", is based on the design of the old threepenny bit, a 12-sided coin in circulation between 1937 and 1971. This is ironic, as given that due to the ravages of inflation £1 can now buy not much more that 3d used to be able to.

A competition will be held to decide what image to put on the "tails" side of the coin.

Suffice to say, the introduction will give rise to costs eg machines that accept coins will have to be altered.

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