The new £1 coin entered circulation this week, dubbed ‘the most secure coin in the world’ thanks to its high-tech features.
The coin includes an image that works like a hologram, micro-sized lettering around the rim and other hidden security features that the Royal Mint has declined to clarify.
“It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come,” said Adam Lawrence, chief executive of the Royal Mint.
The old coin came into circulation at 33 banks and post offices throughout the UK on Monday, and will co-exist with until the round pound ceases to be legal tender on October 15th of this year.
According to the Automatic Vending Association, around 85 per cent of vending machines are already modified to accept the new £1 coin and all will still accept the old coin.
The new pound was introduced after it was found that around one in every 30 £1 coins are fake. The new coin is both thinner and lighter than the old coin, slightly larger, and has 12 sides.
Ross Macmillan, Head of Research and Intelligence at allpay Limited, says the introduction of the new pound coin to counter fake currency is proof that cash is still important in today’s society – despite critics insisting that cash is ‘dead’.
“The new 12 sided £1 coin is another clear sign that cash still plays an incredibly prominent role in society”, Macmillan commented.
“For all the talk about cryptocurrencies, contactless and virtual accounts – the value of banknotes and coins in circulation in the UK has actually increased. And with cash still being the most popular payment method in 2015, you could argue cash is still very much alive and far from dead.”