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.