New Pound Coin - Things are set to get edgy!

A new pound coin is set to roll out in 2017, well perhaps not roll but more tumble, as the shape is moving from a rounded edged coin to a new 12-sided version.  The new design is reminiscent of the iconic ‘threepenny bit’, the first coin in circulation to carry a portrait of Her Majesty the Queen.

 

The new coin will see a number of security features including dual colouring, as with the current £2 coin, and the new shape.  But a key part of maintaining the coins integrity is a new world-leading technique for producing coins.  The new manufacturing process sees the coin being formed in multiple layers, resulting in the production of the most secure coin in circulation in the world to date.  Which is an essential development seeing as a survey undertaken in November 2013 found that the forgery rate had risen to 3.04%, equating to approximately £45 million fake coins in circulation.

 

To give you a practical indication of the problem check your change against this guide from The Royal Mint.  I hope all your coins are genuine, but there is a real chance that all are not.

 

It’s clear that the change has to be made, but the logistics of implementing the new coinage is huge, as more and more services are automated or are self-service.

 

But how much will it cost to make the changes necessary to accommodate the new coin?  As every mechanism of every coin accepting machine, metre or lock will need to be altered or replaced.  I can’t begin to imagine the cost implication involved in such an undertaking.  From the time taken for re-designing, to the manufacturing of the new component parts to the re-installation or replacement of each individual mechanism.  It is set to be a costly exercise!