The Royal Mint just recently introduced a new One Pound Coin that has been called the most secure coin in the world. The 12-sided coin includes high security features to foil counterfeits. It is non-symmetrical, and is bi-metallic.
"It's been designed to be fit for the future, using security features
that aim to safeguard our currency, and currencies around the world, for
years to come," said Adam Lawrence, chief executive of the Royal Mint.
This appears to be related to Brexit uncertainties. The coin has been released to 33 banks and post offices around the UK. It will be interesting to see if other countries follow the UK's lead throughout this time of uncertainty.
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6 comments:
It is interesting to see the remodeling of coins instead of paper money to enhance security features.
After reading this I wonder if other countries will now begin to create a new type of currency in order to provide better security. I also wonder if this will later have a bigger impact when it comes to monetary issues.
It was stated that the old 1 pound coin will be deemed obsolete by October 15, 2017, and people were urged to spend all of their old coins by that date to ensure that they aren't left with nothing. It will be interesting to see if and how this affects the economy and wether or not we will see a considerable increase in consumption due to the change. Shops all around the U.K have already begun to adapt to the change and have created new systems to accept the new 1 pound coin.
I found it interesting that some of the additional features include hard-to-emulate micro-lettering showing “one pound” on the lower inside rim on one side and the year of the coin’s production on the other. Munir brings up an interesting point, if this will boost consumption because now the government has provided an incentive to do so, it will surely help especially during these early stages of Brexit where the economy is naturally fragile.
I think that this article is very interesting. it will be interesting to see if the United States does the same thing by making our money more secure and not as easy to counterfeit. it will be interesting to see how long it takes until the majority of people start not suing money because of the digital payment options that are starting to grow heavily right now.
I never thought this would be how countries protect their currency. It will be interesting to see how this change works out, and if other countries follow. I also find it interesting that the old coin will be completely obsolete by October 15th, 2017. I feel like that is a little quick, especially if it was suggested that people spend their old currency by then.
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