UK: New pound coin designed to combat counterfeiting

New £1 coin

Britain announced Wednesday it was ditching the £1 coin it has used for the past three decades and replacing it with a 12-sided piece that will be harder to fake.

The Treasury says the new coin, made of two metals in two different colours and modelled on the old Threepenny bit, will be “the most secure coin in circulation in the world”.

About three percent of all £1 coins, about 45 million, are currently forgeries and in some parts of Britain this rises to six percent, according to the Royal Mint.

The new coin will have the same shape of the old “Threepenny bit” that was introduced in 1937 and went out with decimalization in 1971…

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People are counterfeiting £1 coins? As of today, £1 = $1.66 US, or $1.86 Canadian. Hardly seems worth the effort.