The Royal Mint has today announced a prototype replacement £1 coin which could be introduced in 2017.

The proposed new coin is a distinctive twelve sided shape that is constructed from two different coloured metals. The proposed £1 coin will be the most secure coin in circulation and would allow the UK to rapidly reduce the amount of counterfeit coins.

The new coin will contain Integrated Secure Identification Systems (iSIS) enabling not just coins, but the whole cash cycle to be more secure, protecting the public, vending machine operators, retailers, and the wider banking system.

ITL Chairman, David Bellis a well-known figure in the cash handling industry commented, “This announcement has everyone in the Industry talking. With information yet to be released on the actual size of the coin I would hope for a coin thinner than the existing £1 which is currently one of the thickest coins in circulation worldwide. My personal preference will always be for circular coins but I would welcome the extra security measures outlined to help combat the level of counterfeit £1 coins.”

A public consultation will be held over the summer focusing on how to manage any impacts before a final decision is made on the precise specification of the new coin, including the metal composition.