Hallmark Coins Looks at the New and More Secure £1 Coin to be Introduced in 2017
London, UK (PRWEB UK) 8 April 2014 -- The UK may be taking steps to reduce its budget deficit and also attract much foreign investment and trade required to fuel the economic recovery, but it is also taking steps to counter unwanted and unlawful business activities within its borders as well. As part of this crackdown on counterfeiting, the Royal Mint recently unveiled its brand new £1 coin that will be minted and put into circulation in 2017.
Compared to the current £1 coin, it is futuristic in many ways, yet at the same time, a bit traditional. The new coin is based on the design of the old threepenny bit, a 12-sided coin in circulation between 1937 and 1971. Something that is hoped will make the coin completely exempt from forgery. Essential, as of the 1.5 billion current £1 coins estimated to be in circulation, as many as two million counterfeit ones are removed every year.
In his Budget statement to the Commons, Chancellor George Osborne said, “The prerequisite of sound money is a sound currency. So I can announce that we will move to a new, highly secure, £1 coin. It will take three years.”
The coin will blend the security features of the future with inspiration from the past. And, in honour of the Queen, it will take the shape of one of the first coins she appeared on – the threepenny bit.
Elliot Basker, Online Business Manager, Hallmark Coins, said, “Counterfeiting and the passing off of fake coins is something we take very seriously at Hallmark Coins. Especially when you consider that our reputation is on the line every time we assist customers to buy or sell rare coins.
“Fortunately we have not had an incident where we’ve been passed a counterfeit gold or silver coins as we have stringent security measures in place. We’re always out to protect the people we do business with and it’s reassuring to see that the Royal Mint is protecting businesses as a whole.”
The only seemingly negative aspect is that certain businesses in the UK may have to face costs from having to change vending machines, supermarket trolleys and lockers at gyms and leisure centres. And that’s just a small cross-section of businesses that may be impacted.
In an interesting turn of events, it has also been announced that the general public will also have a say in the new look coin. The Queen's head will of course be on the obverse side of the coin, as it is on all legal tender in the UK, however the Treasury has said there will be a public competition to decide the image on the other side.
The Bank of England, which earlier this year announced banknotes would be made out of plastic rather than cotton from 2016, said the move would enhance the security and integrity of the currency.
Elliott Basker, Hallmark Coins, http://www.hallmarkcoins.co.uk, +44 800 612 7327, [email protected]
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