To cut down on counterfeiting, the UK plans to introduced a new coin it believes is the hardest in the world to forge.
To cut down on counterfeiting, the UK plans to introduce a new coin it believes is the hardest in the world to forge.
The current 1-pound denomination piece has a 3-percent forgery rate, which means there are about 45 million illegal copies currently in circulation.
Its replacement will have a 12-part edge, as opposed to the typical smooth, fully rounded design.
Authorities believe that feature, along with other built-in security measures, will prove tricky enough to duplicate to stop the annual losses due to fakes.
Among them are the use of two metals in the construction and the integration of anti-counterfeiting technologies found in banknotes.
Some things will stay the same.
The new coin, like the old one, will feature an image of the Queen.
It will also be the same size as the one currently in circulation.
Decisions on what will go on the back will be made via a public vote.
Said a treasury spokesperson of the effort, “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.”