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Detail of outcome
Following careful consideration of all evidence submitted, this document summarises the responses received and confirms the final specification of the new £1 coin. HM Treasury is very grateful to all those who took the time to respond to this consultation, and will continue to engage with industry and other stakeholders in the lead up to an expected introduction of the new coin in early 2017.
Budget 2014 announced the transition to a new and highly secure £1 coin, which the government expects to introduce in 2017. The current £1 coin, first issued in 1983, is one of the oldest British coins in circulation, and over time has become increasingly vulnerable to counterfeiting.
The design proposed on Budget day incorporates four key features that would make the new £1 coin the most secure circulating coin in the world. These are:
- a 12-sided shape
- bi-metallic construction
- bi-colour appearance
- the Royal Mint’s new, world-leading anti-counterfeiting technology (Integrated Secure Identification Systems)
The government is committed to arriving at a final specification that maximises the benefits to the UK as a whole, and to introducing the new coin in such a way that is manageable for industry. Therefore, we are now seeking views from all interested parties on the precise specification and planned transition period.
This consultation is separate from the design competition being run by The Royal Mint.
The Royal Mint are running a competition to determine the design for the reverse of ‘tails’ side of the coin.