Britain's new one-pound coin coming off production line

Production of what is described as the world's most secure coin, the British pound, has started, Chancellor George Osborne announced Thursday.

The new twelve-sided, one-pound coins have started to roll off the production line at a rate of over 4,000 a minute at the Royal Mint in South Wales. They are to enter circulation in March 2017, Osborne said.

The coin was designed by 15-year-old schoolboy David Pearce and features the English rose, the Scottish thistle, the Welsh leek, and the Irish shamrock, emblems of the four parts of the UK. His winning design was chosen out of 6,000 entries in a public competition organised by The Royal Mint.

A Treasury spokesman in London said the current coin is being replaced for the first time in over 30 years because of its vulnerability to counterfeiters. Levels of counterfeit one-pound coins have been as high as three percent in the past few years, or around 45 million coins.

"With ground-breaking technology, developed in Wales, the new coin will help secure our economy and get rid of counterfeits," Osborne said.

Adam Lawrence, chief executive of The Royal Mint said more than one billion of the new coins would be manufactured in total.

"In modernizing the iconic one-pound coin we are helping to re-define the world of coinage for the future," Lawrence said.

The new coin is modelled on the old threepenny bit coin which went out of circulation in 1971 when Britain ditched its old pounds, shillings, and pence for decimal currency.

But it means thousands of vending and slot machines will have to be adjusted to be able to accept the new multi-sided coin.

Jonathan Hart of the Automatic Vending Association (AVA) said: "The AVA and The Royal Mint have been working together for a number of years to ensure implementation of the new one pound coin proceeds as smoothly as possible.

"Whilst we can't hide from the fact there is a sizeable piece of work for our members to undertake to ensure readiness, as an organisation we completely understand and support the rationale and the need for a new, secure, one-pound coin in the United Kingdom," said Hart.

The new coin has a number of features which make it the most secure coin in the world. The features include a 12-sided shape, with rounded edges, and corners.

Bi-metallic composition of two colors and security features, including the Royal Mint's new anti-counterfeiting technology. Its diameter is 23.43 mm and it is 2.8 mm thick. Endit