Monday, May 12, 2014

United Kingdom Proposes New £1 Coin


Prototype for new UK £1 coin.
Image courtesy of the Royal Mint
In March 2014, the Royal Mint (UK) announced plans to release a redesigned 1 pound coin in 2017. The Mint's prototype design is pictured here, and differs from the current UK 1 pound coin in 2 very visible ways:
  • The coin would probably be bi-metallic, having a silver-colored center surrounded by a gold-colored edge (like the 2 pound coin)
  • The current prototype coin is a 12-edged polygon (a dodecagon), reminiscent of the 12-edged 3-pence coin minted between 1937 and 1970
The obverse (front) will of course feature a picture of the Queen. A competition (open to the public) will be held to pick a new design for the reverse (back). Presumably the new coin would have a diameter and thickness similar to the current coin (22mm and 3mm, respectively) in order to ease conversion of machinery (e.g. vending machines).
1967 UK 3 pence coin

The pound coin was introduced in 1983 in order to transition away from 1 pound banknotes (since coins have a much longer usable life than paper money). The reverse at first featured a rotation of symbolic emblems for the 4 members of the United Kingdom (Britain, Ireland, Scotland, and Wales), one per year. In 2008, with the UK's coin redesign, the reverse was changed to the Royal Shield which has a quadrant for each member country.

One of the main goals of the new coin is to reduce counterfeiting. The Royal Mint's counterfeit £1 coins page reports that in 2013, an estimated 3% of circulating £1 coins were fake. With an annual mintage between 20 and 50 million new coins, a 3% counterfeit rate is significant. Changing to a bi-metallic coin is a common anti-counterfeiting tactic that has been used by many other currencies (and can already bee seen on the 2£ coin). The 12-sided shape may also help a little, though it isn't any more difficult to make a clay mold of a dodecagon than a circle.

Current UK £1 coin
However, the Royal Mint's big gun is its iSIS technology, which they say adds banknote-level security to coins and allows automated coin authentication and counterfeit detection. The Royal Mint is understandably tight-lipped on what exactly iSIS is - the longer that they can keep it a secret, the longer it will take for forgers to copy it - but thinking about the types of security measures that you find in modern banknotes around the world should give you some ideas of what it might entail. While a system like iSIS may be able to quickly identify fakes once they reach, say, a bank that has the equipment to validate coins, it is the more visible security measures which will help individuals and merchants avoid taking counterfeits in the first place. To that end, I'm surprised that the new coin doesn't include any micro/laser engraving, like the new Canada $1 and $2 coins.

One of the other advantages being mentioned about the new design is that it will make the pound coins more easily identifiable for the blind. The unique 12-sided shape (since 3 pence coins are no longer in circulation) does seem like it would be easier to pick out of a handful of change. It is great that the Royal Mint is considering the needs of those without sight when designing the new coin.

The pound is one of my favorite coins of all time. It is a coin that feels like money when you hold it in your hand. Its weight and its thickness (nearly twice as thick as a US quarter) impart its value without even needing to look at it. Even its color, a light gold thanks to its nickel and brass composition, gives it a sense of understated importance that you don't find with many other coins. I only hope that the new £1 can fill the shoes of its predecessor.



49 comments:

  1. I recently got some European coins from friends who lived there. It always is interesting to me how different countries have such different coins. I'm not sure if you guys do the same, but I like to learn the history behind the coins too.

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    ReplyDelete
  37. WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

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    ReplyDelete
  38. WE OFFER ALL KIND OF LOANS - APPLY FOR AFFORDABLE LOANS.

    Are you a business man or woman? Are you in any financial mess or Do you need funds to start up your own business? Do you need a loan to start a nice Small Scale and medium business? Do you have a low credit score and you are finding it hard to obtain capital loan from local banks and other financial institutes?. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

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    We offer a wide range of financial services which includes: Business Planning, Commercial and Development Finance, Properties and Mortgages, Debt Consolidation Loans, Business Loans, Private loans, Home Refinancing Loans with low interest rate at 1.00% per annul for individuals, companies and corporate bodies. Get the best for your family and own your dream home as well with our General Loan scheme. Interested applicants should Contact us via email: PergoCF@cheerful.com ( PergoCF@qualityservice.com ) PergoCF@gmail.com

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    ReplyDelete
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  40. HOW I GET FREE FROM HERPES AFTER 8 DAYS

    My name is Paul Hooker,i am from USA.I want to share my testimony on how i get cure of my HERPES GENITAL with the help of Doctor OTIS DARKO, I have being suffering for this disease for a very long time now and I have try several means to get rid of it, but there was no solution to it because my doctor told me at the hospital that herpes has no cure.I have being scam by several people on internet who claim that they have herpes cure.but I never gave up, until I saw a post,posted by JACK WILSON. when I saw her testimony I was happy because she make a statement that the herbal doctor medicine is for free. after reading the testimony,so I collect the herbal doctor email and mail him about my herpes that I need cure and 4 hours later he replied my mail, and told me to send him my details about my self and after that he told me that his herbal medicine is free and that the only thing that I need to do, is to provide money that he will use in getting the herbal medicine preparation done and I told him that he should give me 2/3 days to get the money amd we keep on sending mail to each other and using phone calls to communicate and three days later I got the money that he request for in getting the items and I send it to him he email me that he has purchase the items that he is about to prepare the herbal medicine and after the preparation he send the herbal medicine to me via fedex and he also give me the guide line on how to use the herbal medicine and after using it for 8 days as he told me, then I went for medical checkup at the hospital and I was so surprise that the doctor congratulate me that am now herpes negative and I was so happy because at last am free from herpes and also I want to thank WILSON for using doctor OTIS DARKO to cure my herpes and another testimony is that two of my friend who also have herpes that contacted doctor OTIS DARKO for their own cure have also been cured from herpes and now they are also herpes NEGATIVE like me and if you have herpes or any other disease and you want to get rid of it, DR OTIS DARKO is the best DR to cure it. If you want to be sharing the same testimony that am sharing with other who has being cure by him kindly contact doctor OTIS DARKO via this email: otisdarko60@yahoo.com .... DR OTIS GOT ALL CURE AND REMEDY TO ALL KIND OF SICKNESS YOU MIGHT HAVE BEEN SUFFER FROM AND ALSO SPECIALISES IN THE FOLLOWING:

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    ReplyDelete
  41. Hello,


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    ReplyDelete
  42. I have always wanted to be able to not live paycheck to paycheck or have any debt. I worked in accounting for about 20 years and was barely able to make ends meet. It seemed like any time I moved up in the company and received a raise, my living expenses would go up significantly and I was never able to get ahead. lottery spells. Then one day my best friend told me the truth about what he did when his wife left him. He had a love spell cast and she stopped the divorce proceedings and they got back together. When he told me this I asked who he used and he gave me their email address which is: otisdarko60@yahoo.com and I immediately contacted them for help. I saw that they offered different kinds of money spells to help win the lottery. I was immediately intrigued. I have always felt like I was going to win the lottery someday. I had the jackpot lottery spell cast and awaited my win. I was told to play the lottery each week and I did what I was told. I played the lottery each week anyways, so it did not change anything. Within about two weeks it happened. I won $100,000!! I could not believe it! It was not enough money to retire right away, but I invested it well and it has allowed me to go down to part time work and will help me retire much earlier. I am eternally grateful for finding their email address: otisdarko60@yahoo.com .... DR OTIS DARKO IS VERY POWERFUL AND RELIABLE CONTACT HIM NOW: otisdarko60@yahoo.com.....YOU CAN ALSO ADD HIM UP ON WHATSAPP USING THIS MOBILE NUMBER:+2348077526136

    ReplyDelete