UK is quids in as George Osborne prepares to announce replacement £1 coins

The familiarity of a £1 coin nestling in your trouser pocket will soon be a thing of the past when chancellor George Osborne announces a replacement for the high-value in today’s budget.

Introduced just 30 years ago the coin has been beset by mass counterfeiting, undermining confidence in the currency and forcing the Royal Mint to respond with a new, more elaborate, design to beat the forgers.

In its place will come a 12-sided dual metal coin, described as the ‘most secure’ in the world.

To be introduced from 2017 it will feature the Queen’s head on one side with a public competition set to be staged to determine what artwork adorns the reverse.

Estimates published by the Royal mint suggest as many as 45m £1 coins currently in circulation are forgeries.

Join us, it's free.

Become a member to get access to:

  • Exclusive Content
  • Daily and specialised newsletters
  • Research and analysis

Join us, it’s free.

Want to read this article and others just like it? All you need to do is become a member of The Drum. Basic membership is quick, free and you will be able to receive daily news updates.