On March 28, the Royal MintAn industrial facility manufacturing coins. More
introduced the new £1
. The 12-sided coinA coin is a small, flat, round piece of metal alloy (or combination of metals) used primarily as legal tender. Issued by government, they are standardised in weight and composition and are produced at ‘mints’. More
will replace the current round £1 and integrates a sophisticated security feature usually used only on banknotes. According to the Royal Mint, the new pound might thus be the world’s most secure coin .
The coin is made of two different metals and incorporates micro-lettering on both sides, as well as a latent imageAn optically variable, non-iridescent security feature based on intaglio printing relief. The feature is only perceptible when viewing a hidden text or image in the design from certain angle. More
showing either a “£” or a “1” when the coin is tilted. In addition, its distinctive shape makes it instantly recognisable especially for the visually impaired.
Andrew Mills – Director of UK Royal Mint for circulating coins – did not provide details about the special feature but stated that it can be authenticated by the central bank’s high-speed automated machines. The feature is believed to be used by the banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More
industry for about 20 years and belongs to the 3rd and most secure category of security features. Andrew Mills stated that the new coin may well be more secure than several low-denomination banknotes issued in the world.
The UK is not the only country to innovate in the coin industry. A few months ago, the Deutsche Bundesbank announced the manufacturing of a commemorative €5 coin made of two different copper nickelMetal used in the manufacture of coins. More
alloys and incorporating a translucent polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More
To read Central Banking’s article [paywall], please click here