The United Kingdom has introduced a new 12-sided one-pound coin which is claimed to be the most secure coin in the world by UK’s Royal Mint, the body permitted to strike British coins. The body stated that there is material inside the coin itself which can be detected when electronically scanned by coin-counting or payment machines, making it impossible to counterfeit. The outer ring of the coin is gold-coloured and is made up of nickel-brass while the inner ring is silver-coloured, made from nickel-plated alloy.
Apart from no possibility of counterfeiting, these coins also comes along with some other security features which includes an image that works like a hologram and micro-sized lettering inside both rims. Explaining the features of these coins, Adam Lawrence, Chief Executive of Royal Mint said, “It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come.”
The newly introduced coin, with an image of Queen Elizabeth II, has replaced the old rounded one-pound coin after being speculated to have been faked to the value of 45 million pounds across the UK. However, the old coin will remain a legal tender until October 15 this year. After this shops in Britain are under no obligation to accept it.
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After October, the citizen are directed to take the coin to a bank and exchange it. The new coins have been supplied to 33 banks and post offices around the UK in the initial phase. As many as 1.5 billion new coins will soon be introduced into the system and old coins will be melted down to make new ones in the time to come.
As per reports, there are some concerns of chaos as its still not sure if all the wending machines in public places and parking areas will be able to accept the new diameters of the coin. Even the Treasury of the UK has said that it is inevitable that some organisations will not be able to accept the coins right away until further upgrades happen.
(With inputs from agencies)