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Thursday, March 31, 2016

Production Begins On New 12-Sided £1 Coin

New £1 coins have started rolling off the production line at a rate of more than 4,000 a minute.
The 12-sided coins will enter circulation in March next year - the start of a six-month transition period during which people can use both the new and old coins.
The new version will have the same shape as the old 12-sided three pence piece but with bi-metallic construction and the Royal Mint's state-of-the-art anti-counterfeiting technology.
More than 2.2 billion of the current circular £1 coins have been struck since they replaced £1 notes on 21 April, 1983.
But as many as three in every 100 of them - about £45m - are believed to be fake.
Chancellor George Osborne said the new version of the coin will be "the most secure circulating coin anywhere in the world".
He added: "With ground-breaking technology, developed in Wales, the new coin will help secure our economy and get rid of counterfeits."
The Automatic Vending Association has been working with the Royal Mint to make sure the new £1 coins can be used in its machines as easily as possible.
ATA chief executive Jonathan Hart said: "Whilst we can't hide from the fact there is a sizeable piece of work for our members to undertake to ensure readiness, as an organisation we completely understand and support the rationale and the need for a new, secure, one one-pound coin in the United Kingdom."

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