A new £1 coin, designed to be the "most secure in the world", is set to be introduced in 2017.
It comes amid concerns about the 30-year old coin's vulnerability to counterfeiting, with an estimated 45 million forgeries in circulation.
The new coin is based on the design of the old 3d (three penny) piece, or threepenny bit, a 12-sided coin in circulation between 1937 and 1971.
A competition will be held to decide the image on one side of the coin.
The Royal Mint, which believes 3% of existing £1 coins are fake, said the move would increase "public confidence" in the UK's currency and reduce costs for banks and other businesses.
The announcement comes as Chancellor George Osborne prepares to deliver his fifth Budget on Wednesday.
A nice pair of thruppenies
A nice pair of thruppenies
“If you trust in yourself, and believe in your dreams, and follow your star. . . you'll still get beaten by people who spent their time working hard and learning things and weren't so lazy.”
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Econoline
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Re: A nice pair of thruppenies
I love the idea. There aren't nearly enough regular dodecagons in the world.
People who are wrong are just as sure they're right as people who are right. The only difference is, they're wrong.
— God @The Tweet of God
— God @The Tweet of God
Re: A nice pair of thruppenies
It's a lovely coin. I would be willing to buy one just to convert it to a piece of jewelry.
I don't think many governments are fretting about counterfeiting of single pound (Euro, Dollar) coins. They are focused on the hundreds.
I don't think many governments are fretting about counterfeiting of single pound (Euro, Dollar) coins. They are focused on the hundreds.