New One Pound To Foil Forgers

New One Pound To Foil Forgers.

In the Chancellor's speech today, George Osborne will confirm that the Royal Mint will look to introduce a new £1 coin to reduce the level of forgery both in the UK and overseas.

It has been estimated that in UK the UK between 1in 20 and 1 in 30 £1 coins in circulation are counterfeit.

The Royal Mint has issued details of a new £1 coin, yet to be approved, but uses various levels of security in both design and make up to gradually reduce the amount of fakes in circulation.

The new £1 coin has been claimed by the Royal Mint that it will be the most secure, advanced coin design in the World.

The coin, due for release in 2017 has 12 sides and is made up of two metal colours and will have an addition security feature that the Royal Mint has developed called iSIS, which has been used successfully in our notes for a number of years but has now been successfully implemented in a coin for scanning purposes.

Comment

The reduction of counterfeit money is a priority for all nations.  Currency forms the basis of our economy and the need to control how much money is in circulation forms the basis of our economy and how it is stimulated in recession times or calmed down in boom times.

Counterfeiting of money has been around for thousands of years and as the Royal Mint gets more sophisticated so will forgers.

Did you know that British Banking Notes use to be made from a special paper from wood pulp originating from a type of tree only found in one location in the World, that was top secret?  It is now made by a specialist paper manufacturer from cotton fibre and linen rag, which makes it tougher and more durable than the more common wood pulp paper.