According to the Government, one in every thirty £1 coins is now a fake, costing them £2m a year.
So that’s why The Royal Mint has set out to make the new £1 coin the most secure in the world (due to be released next March), but how are they doing it?
Firstly, the coin will have 12 sides. Non-round coins are harder to copy.
It will also be struck from two metals – nickel-brass on the outside and nickel-plated solid alloy on the inside. This, combined with the 12 sides, is what the Government believes will be the key security feature.
Additional features include hidden electromagnetic signatures, milled edges (grooves in the side of the coin) and secret images etched into the coin that are only visible when held into the light.
The new £1 coins will enter circulation in March 2017.
No ordinary coin…
New minting techniques like those seen on the forthcoming new one pound coin have allowed some truly wonderful creations. Perhaps nothing more impressive than this 5oz silver coin that actually contains a piece of HMS Victory.
Each coin has been inset with a genuine piece of HMS Victory copper, but we only have 7 available.