What do you think of the new £1 coin?
As you may have heard, we'll be getting a new £1 coin which looks like an old threepenny bit, thereby ensuring future observational comedians the opportunity to coo "remember when quid coins were circular eh? What's that all about?"
Why are we getting a new pound? Well, apparently, it'll be the coin that is the hardest in the world to make a forgery of and has been described as a "giant leap into the future". As there are 43 million fake quid coins in circulation, you can understand why the Royal Mint might want to do something about it.
A Treasury spokesman said: "After 30 years’ loyal service the time is right to retire the current £1 coin and replace it with the most secure coin in the world. With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters it’s vital that we keep several paces ahead of the criminals to maintain the integrity of our currency."
"We are particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time, paying a fitting tribute to past in the 12-sided design of the iconic threepenny bit."
The new coin will be 'bimetallic' like the £2 coin and will have new banknote-strength security pioneered at the Royal Mint HQ.
The Royal Mint chief executive, Adam Lawrence, thinks this is an "exciting project" and added: "The current £1 coin design is now more than 30 years old and it has become increasingly vulnerable to counterfeiting over time. It is our aim to identify and produce a pioneering new coin which helps to reduce the opportunities for counterfeiting, helping to boost public confidence in the UK’s currency in the process."
"We’re extremely proud that the proposal includes the Royal Mint’s Integrated Secure Identification System (iSis) technology, offering greater currency security at a lower cost."
We should see the new quid in 2017. If the Queen isn't on the throne by then, any coins made with her image will be worth a shedload to collectors, so if you see any knocking about or work at the Royal Mint, steal one now. As for the reverse of the coin, the Treasury has promised that there'll be a public competition to decide the design.
What do you make of it all?