New pound coin will be 12-sided version, says Chancellor George Osborne

Decision taken as an estimated 45 million of the £1 coins now in circulation are forgeries – three per cent of the total

The £1 coin is to be replaced by a new 12-sided version because it has become an easy target for forgers, George Osborne will announce in his Budget today.

The new pound coin, to be introduced from 2017, will have the same shape as the old three pence piece or “threepenny bit” which was withdrawn when the currency was decimalised in 1971.

An estimated 45 million of the £1 coins now in circulation are forgeries – three per cent of the total. In some parts of the UK, the figure is as high as six per cent.  About 2m counterfeit £1 coins have been removed from circulation each year in recent years.

Budget 2014 LIVE

The Chancellor will tell the Commons the new pound coin will be “the most secure in the world.” It will be composed of two metals of different colours and include Royal Mint secure technology so  it can be authenticated at  every point in the cash cycle.

The Queen will be on the “heads” side of the coin, and there will be a public competition to decide what should appear on the “tails” side.

A Treasury source said: “After 30 years loyal service, the time is right to retire the current £1 coin. With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters, it’s vital that we keep several paces ahead of the criminals to maintain the integrity of our currency. We are particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time, paying a fitting tribute to past in the12-sided design of the iconic threepenny bit”.

The 'threepenny bit' was withdrawn in 1971 The 'threepenny bit' was withdrawn in 1971
Presenting his fifth Budget, Mr Osborne will hail it as one for “a resilient economy.” He will claim the country has “held our nerve” and that the Government’s long-term economic plan is working.

But a Treasury source said last night: “The job is very far from done. Britain is still borrowing too much. We have to invest more and export more, and support growth in every part of our country and all parts of our economy. So the Budget will take the difficult decisions needed to build a resilient economy that delivers security for Britain’s hardworking people. That security and resilience comes from living in country that earns its way in the world, backs business, and helps people achieve their aspirations.”

Mr Osborne will speed up the next phase of the Government’s £450m drive to help the 120,000 “troubled families” with multiple problems. Up to 40,000 families will get extra support in the 2014-15 financial year, 12 months earlier than planned.

The programme ensures a “joined-up” approach by all the public services such families use. A “whole family” basis means that the state’s help tackles the root of the problems and aims to get children back into school, reduce youth crime and anti-social behaviour and get adults  back to work.

Labour will dismiss Mr Osborne’s plan to raise the personal tax allowance from £10,000 next month to at least £10,500 in April next year. It will argue that this tax cut will be dwarfed by “24 Tory tax rises” since the Coalition was formed in 2010. Chris Leslie, a Labour Treasury spokesman, said: “We need a Budget that tackles the cost of living crisis which has left working people £1,600 a year worse off under the Tories. It’s the same old Tory con – giving with one hand while taking away much more with the other. The VAT rise alone has cost families with children an average of £1,350 over the last three years.”

News
Emma Watson has become the latest target of the 4Chan nude hacking scandal
peopleThreats follows actress' speech on feminism and equality at the UN
Life and Style
food + drink
Arts and Entertainment
British actor Idris Elba is also a DJ and rapper who played Ibiza last summer
film
Life and Style
tech
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
News
ebooksAn unforgettable anthology of contemporary reportage
Life and Style
tech
Life and Style
Alan Turing, who was convicted of gross indecency in 1952, was granted a royal pardon last year
life
Arts and Entertainment
Sheridan Smith as Cilla Black and Ed Stoppard as her manager Brian Epstein
tvCilla Episode 2 review: Grit under the glamour in part two of biopic series starring Sheridan Smith
News
i100
Life and Style
life
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

KS2 PPA Teacher needed (Mat Cover)- Worthing!

£100 - £125 per day: Randstad Education Crawley: KS2 PPA Teacher currently nee...

IT Systems Manager

£40000 - £45000 per annum + pension, healthcare,25 days: Ashdown Group: An est...

IT Application Support Engineer - Immediate Start

£28000 per annum: Ashdown Group: IT Software Application Support Analyst - Imm...

Year 2 Teacher needed (Mat Cover)- Bognor Regis!

£100 - £120 per day: Randstad Education Crawley: Year 2 Teacher currently need...

Day In a Page

Secret politics of the weekly shop

The politics of the weekly shop

New app reveals political leanings of food companies
Beam me up, Scottie!

Beam me up, Scottie!

Celebrity Trekkies from Alex Salmond to Barack Obama
Beware Wet Paint: The ICA's latest ambitious exhibition

Beware Wet Paint

The ICA's latest ambitious exhibition
Pink Floyd have produced some of rock's greatest ever album covers

Pink Floyd have produced some of rock's greatest ever album covers

Can 'The Endless River' carry on the tradition?
Sanctuary for the suicidal

Sanctuary for the suicidal

One mother's story of how London charity Maytree helped her son with his depression
A roller-coaster tale from the 'voice of a generation'

Not That Kind of Girl:

A roller-coaster tale from 'voice of a generation' Lena Dunham
London is not bedlam or a cradle of vice. In fact it, as much as anywhere, deserves independence

London is not bedlam or a cradle of vice

In fact it, as much as anywhere, deserves independence
Vivienne Westwood 'didn’t want' relationship with Malcolm McLaren

Vivienne Westwood 'didn’t want' relationship with McLaren

Designer 'felt pressured' into going out with Sex Pistols manager
Jourdan Dunn: Model mother

Model mother

Jordan Dunn became one of the best-paid models in the world
Apple still coolest brand – despite U2 PR disaster

Apple still the coolest brand

Despite PR disaster of free U2 album
Scottish referendum: The Yes vote was the love that dared speak its name, but it was not to be

Despite the result, this is the end of the status quo

Boyd Tonkin on the fall-out from the Scottish referendum
Manolo Blahnik: The high priest of heels talks flats, Englishness, and why he loves Mary Beard

Manolo Blahnik: Flats, Englishness, and Mary Beard

The shoe designer who has been dubbed 'the patron saint of the stiletto'
The Beatles biographer reveals exclusive original manuscripts of some of the best pop songs ever written

Scrambled eggs and LSD

Behind The Beatles' lyrics - thanks to Hunter Davis's original manuscript copies
'Normcore' fashion: Blending in is the new standing out in latest catwalk non-trend

'Normcore': Blending in is the new standing out

Just when fashion was in grave danger of running out of trends, it only went and invented the non-trend. Rebecca Gonsalves investigates
Dance’s new leading ladies fight back: How female vocalists are now writing their own hits

New leading ladies of dance fight back

How female vocalists are now writing their own hits