George Osborne will announce a new design for the £1 coin in today’s Budget. The new 12 sided coin, modelled on the old threepenny bit, will be introduced in 2017.
The Chancellor will say that the current coin, which has been in circulation for thirty years, has become susceptible to forgery, and the Royal Mint estimates that £45m worth of forged £1 coins are in circulation today.
The new coin will be the most secure coin in the world – as secure as modern bank notes – and will save taxpayers’ money from being used to combat fraud.
The old threepenny bit was in circulation from 1937 until decimalisation in 1971.