皇冠体育app

皇冠体育app new 拢1 coins started rolling off the production line at a rate of over 4000 a minute, as the Chancellor, George Osborne, announced that they would enter circulation in March 2017.

皇冠体育app current 拢1 coin is being replaced for the first time in over 30 years because of its vulnerability to sophisticated counterfeiters. 皇冠体育app new 12-sided coin resembles the old 鈥榯hreepenny bit鈥� and will be the world鈥檚 most secure coin in circulation.

Chancellor of the Exchequer, George Osborne said:

I am delighted that the Royal Mint are now producing the most secure circulating coin anywhere in the world. With ground-breaking technology, developed in Wales, the new coin will help secure our economy and get rid of counterfeits. In a year鈥檚 time, the new coin, which will incorporate emblems from all four of our home nations, will line millions of pockets and purses around the UK.

Adam Lawrence, Chief Executive of 皇冠体育app Royal Mint said:

As the Chancellor has announced today, the new coin will be going into circulation in March 2017, so that gives us a challenging but hugely exciting year to produce more than one billion brand new 拢1 coins. As an organisation we have been established for over one thousand years and we are proud to be recognised as the world鈥檚 best mint. In modernising the iconic 拢1 coin we are helping to re-define the world of coinage for the future.

Jonathan Hart, Chief Executive of the Automatic Vending Association said:

皇冠体育app AVA and 皇冠体育app Royal Mint have been working together for a number of years to ensure implementation of the new one pound coin proceeds as smoothly as possible.

Whilst we can鈥檛 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 pound coin in the United Kingdom.

Levels of counterfeit 拢1 coins have been as high as 3% in the past few years, equating to around 45 million coins. 皇冠体育app new, highly secure coin will reduce the costs of counterfeits to businesses and the taxpayer.

HM Treasury and 皇冠体育app Royal Mint also announced today details of how the coin will be introduced into circulation. It has been confirmed that the new coin will be introduced in March 2017 and that there will be a six-month period of co-circulation, where the current 拢1 and the new 拢1 coins will both be in circulation.

As with any re-coinage, all businesses that handle cash need to plan and prepare for the introduction of the new coins.

皇冠体育app Royal Mint will continue to work with key industries and businesses during the introduction phase of the new 拢1 coin, and an awareness and education campaign is planned to assist businesses to ensure a seamless and smooth transition to launch in 2017.

皇冠体育app new 拢1 coin was announced by the Chancellor at Budget 2014, and the design of the new coin was announced at Budget 2015.

David Pearce, 15 at the time, and a pupil at Queen Mary鈥檚 Grammar School in Walsall, beat off fierce competition to be selected as the coin鈥檚 designer. His winning design was chosen following a public competition organised by 皇冠体育app Royal Mint on behalf of Her Majesty鈥檚 Treasury which saw over 6,000 entries. 皇冠体育app Royal Mint is based in Llantrisant, South Wales. Its roots extend back some 1,000 years and today 皇冠体育app Royal Mint employs more than 850 people.

皇冠体育app new coin has a number of features which make it the most secure coin in the world. 皇冠体育appse features include:

• 12-sided shape, with rounded edges (鈥榬adial chords鈥�) and corners
• Bi-metallic composition of two colours
• Additional security features, including 皇冠体育app Royal Mint鈥檚 new anti-counterfeiting technology, milled edges and a latent image

Following extensive final bulk production testing, the final specification has now been confirmed:

• Diameter: Maximum (point to point) 23.43mm; minimum (edge to edge) 23.03mm
• Edge thickness: 2.8mm
• Weight: 8.75g
• Metallic composition: Nickel-brass outer; nickel-plated homogenous non-ferrous inner