Osborne: Wave goodbye to the old pound coin
THE CHANCELLOR George Osborne will announce a historic change to UK currency in his Budget today: a new pound coin.
The new pound will have 12-sides and is modelled on the old threepenny bit. It will be composed of two different coloured metals, like the £2 coin, and feature the Queen’s head on one side and another motif, to be decided by a competition, on the other.
The change will be the first major overhaul since the pound was introduced in 1983 and is in part due to the volume of forged coins now in circulation; around three per cent of all coins, according to the Royal Mint.
The pound will boast the Mint’s new iSIS technology, which will make it the most secure coin anywhere in the world. Osborne will announce the change today, alongside a consultation to determine the cost to businesses.
The Bank of England welcomed the new coin, which will be introduced in 2017.