The Royal Mint To Manufacture New GBP1 Coin

LONDON (Alliance News) - The Royal Mint announced Wednesday that HM Treasury believes there is a ...

Alliance News 19 March, 2014 | 6:58AM
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LONDON (Alliance News) - The Royal Mint announced Wednesday that HM Treasury believes there is a "strong case" for introducing a new GBP1 coin to help reduce counterfeiting.

The UK Chancellor of the Exchequer George Osborne, has revealed the opportunity to create the most secure circulating coin in the world to date ahead of the 2014 annual budget announcement on Wednesday.

The Royal Mint said it has produced a prototype twelve-sided coin which utilises multiple layers of cutting edge technology and would allow the United Kingdom to rapidly reduce the rate of counterfeit coins entering general circulation, ensuring the integrity of the UK currency.

A public consultation will be held over the summer on how to manage any problems before a final decision on the coin's development is made.

Furthermore, a public design competition will be held at a later date to choose the design for the "tails" side of the coin, which is expected to be introduced to the UK market in 2017.

By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1

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