By the Pound

There’s a new pound in town, and it’s no longer round.

Apparently, it’s estimated that 1 in 40 pound coins are actually counterfeit, so the Royal Mint came up with what they’re calling “the most secure coin in the world,” which is a 12-sided, two-coloured coin (gold-coloured outer ring, silver-coloured middle). They are producing 3 million of them a day, and will strike 1.5 billion in total.

“The new coin has a string of anti-counterfeiting details, including material inside the coin itself which can be detected when electronically scanned by coin-counting or payment machines. Other security measures include an image that works like a hologram, and micro-sized lettering inside both rims.”

You only have until October 15 to spend or trade in your old pound coins, and then they will no longer be legal tender.

Last September, the country introduced a new £5 note, which has a different look and feel. It’s much glossier than a traditional paper note, because it’s made of polymer, which is meant to be better for the environment (in terms of energy to make it, and ability to recycle old ones into new products) and also cleaner (more resistant to dirt and moisture), stronger and longer lasting, and also has anti-counterfeit security features. New £10 and £20 notes are also in the works.

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