The Royal Mint has begun production of its new 12-sided, two-colour £1 coin, which will enter circulation next March.
The new coin will help “redefine the world of coinage for the future,” said Royal Mint CEO Adam Lawrence, who added the coins are produced at a rate of 4,000 a minute.
The change, which was first announced in 2014, comes after authorities learned the current £1 coin is vulnerable to counterfeiting. The government claims about three in every 100 £1 coins are counterfeit.
U.K. Chancellor George Osborne said he’s “delighted” the Royal Mint is producing the coin, which he claims to be “the most secure
circulating coin anywhere in the world.”
“With ground-breaking technology developed in Wales, the new coin will help secure our economy and get rid of counterfeits,” said Osborne. “In a year’s time, the new coin, which will incorporate emblems from all four of our home nations, will line millions of pockets and purses around the U.K.”