Yesterday saw the announcement of the new 12-sided £1 coin which is set to be introduced in 2017. Although it is a mere coin, worth only 100 pence, it represents a great success for UK science and manufacturing through the following:

It will be the most secure coin in circulation in the world

A tribute towards British heritage with an ode to the threepenny bit

It’s unique design will tackle a growing problem of counterfeit £1 coins in the UK

Counterfeit coins

A survey by the Royal Mint was undertaken in November 2013 to estimate the level of counterfeit £1 coins in the UK, and they found that the number of counterfeit UK £1 coins currently in circulation had risen from 2.74% to 3.04%.

Did you know: Over the last few years, around 2 million fake £1 coins have been removed from circulation each year.

Using November’s figure of 3.04%, this would put the current number of fake £1 coins at around 45 million in circulation. Whilst UK Law Enforcement Agencies are successfully cracking down on counterfeiting groups, the only real sustainable solution is to stay ahead of counterfeiters and introduce new, higher security coins.

The most secure coin in the world

The introduction of new £1 coin is such a big deal because of its security against counterfeiting. It will become the most secure coin in the world, and this is due to:

It’s bi-metallic construction consisting of two colours

A 12-sided design with alternating grooves

The Royal Mint’s new iSIS technology (Integrated Secure Identification System)

Whilst the bi-metallic construction and 12-sided design are harder to counterfeit due to its detailed complexity, it’s the new iSIS technology that makes the coin so secure.

iSIS technology

So, what exactly is iSIS technology, and why is it so special?

Costing £2 million and taking three years to develop, Integrated Secure Identification Systems technology (iSIS) was previously only available in bank notes, but can now be inserted as a physical security layer within each coin. The benefit of this is that thousands upon thousands of coins can be scanned and verified for authenticity within a matter of seconds.

Whilst the exact details behind the technology remains top secret, the ingenuity comes from the iSIS’s placement within the actual coins. Whereas the current £1 coin is externally ‘plated’ with the security layer and does, inevitably, wear off over time (at a rate of around 1 micron per year).

A typical coin from the Royal Mint will have around 25 microns of plate, meaning a coin should last for at least 25 years and be entirely secure. This is around about 30x longer than an equivalent-value banknote. New iSIS technology, however, will not wear off due to it’s full-plated containment within the coin, and should last forever.

Heritage

The new coin pays a fitting tribute to Britain’s heritage, with its size and shape the same as the 12-side threepenny bit.

Did you know: The threepenny bit circulated from 1937 until decimalisation in 1971

The threepenny bit was the first coin to feature the portrait of HRH Queen Elizabeth II, as well as the first British coin to use a 12-sided shape. It became more popular during the Second World War as it was easily recognisable during a blackout, thanks to it’s distinctive size and shape.

The hidden costs

Of course, the introduction of a new coin poses a problem throughout the UK with regards to vending machines, supermarket trolleys, lockers, parking meters and many more. The Royal Mint Officials suggest the cost of converting £1 coin accepting machines to fit the new coin will be around £20 million; however Industry experts such as The British Parking Association predict a figure of around £100 million to convert every meter, phone box and vender to accommodate the new £1 coin.

Did you know: There’s 1 vending machine for every 55 people in the UK

What’s your opinion on the new £1 coin? Do you think it could affect your business? Let us know below!