Britain is doing away with its old pound coin and replacing it with a newly designed 12-sided coin that the Royal Mint touts as the most secure currency in the world.
The new coin will go into circulation in March 2017 and will co-circulate with the old coin until it is phased out entirely in the fall of 2017. The redesign is meant to minimize the amount of counterfeit money in circulation. The Royal Mint estimates that 1 in 40 of all £1 coins currently in circulation, totaling £46 million or $76 million, are fake.
“The new £1 coin will be the most secure of its kind in the world and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer,” David Gauke, the chief secretary to the Treasury, told BBC News. READ MORE.