The coin will be fully secured against counterfeiting

The Royal Mint has introduced a new £1, inasmuch as 3% of coins in circulation today are fake. According to the data of the case study carried out by experts, total number of fake coins picked out from circulation now stands at 45 million, BBC News reports.

A new monetary unit has been designed in conformity with the contemporary standards, and is regarded to be the most secure coin in the world. Supposedly, this newly designed coin with enhanced security elements will be introduced in 2017.

The design of this coin was done using a sample of an old fractional three-pence coin, which was12-sided and circulated since 1937 till 1971. The Royal Mint will held a competition in order to choose what image will be embossed on one of its sides.  It is agreed that the head of The Queen will be on the obverse side of a coin, as with all official currency.

The new coin proposed by the government will be of roughly the same size as its predecessor. It will have two colors, done with applying cutting-edge technologies. Unique distinctions will enable checking authenticity of coins based on several key signs.

The £1 coin in circulation today was introduced in 1983 as a part of the program aimed at gradual replacement of paper money. Finally, the pound in paper money was replaced five years later.

Since launch, the bank withdrew approximately 2 mln counterfeit pounds annually.  In total, about 1,5 bln of said denomination coins were in circulation.  The Royal Mint believes the replacement of paper money that is easy to fake with more secure ones will enhance confidence the citizens put in national currency as well as reduce expenses of banks and other enterprises.