News story

GLD lawyers advise on new £1

GLD’s Treasury Legal Advisers play key role in advising HM Treasury on legal issues relating to coinage, including work on the new £1 coin.

Money
Collection of coins

The distinctive new coin that is legal tender from 28 March is the most secure of its kind in the world and aims to tackle the rise of counterfeit coins in circulation. Although its shape owes much to the old threepenny bit (which also had 12 sides and was retired in 1971) the new coin has a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when it is seen from different angles, micro-lettering and milled edges.

GLD’s Treasury Legal Advisers have provided advice over the past few years to support the development of the new coin, including on practical matters relating to its roll out. They have been working closely with The Royal Mint, Treasury colleagues and other parts of government to deliver the project.

David Chaplin, senior lawyer in the Treasury Legal Advisers team, said:

This is just one of the unique and interesting roles of a government lawyer. It is a privilege to be involved in such a historic process.

The Royal Mint has been hammering out coins of the realm since AD886 first in London and more lately in south Wales. Although the process is now fully mechanised it is still steeped in ancient traditions, such as the Trial of the Pyx, a centuries-old method of testing coins for authenticity.

Adam Lawrence, chief executive of Royal Mint, said:

It’s a historic day for UK coinage, and one that The Royal Mint has been working towards, together with businesses and industry, for a number of years. From today, the public will start to encounter for themselves the most innovative and secure coin ever produced by The Royal Mint.

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. Staying ahead of sophisticated counterfeiters remains a constant challenge and this coin helps in that battle.

Read more about the launch of the new £1 coin on www.gov.uk/Treasury

Published 29 March 2017