As part of the crackdown of counterfeiting, the Bank of England has designed a 12 sided one pound coin.
The new £1 coin had been designed after an 8-year scandal. Since 2006 there have been several counterfeit machines that run to the standards of the royal mint operating in the Netherlands. About 30 million pound coins have been shipped in from Amsterdam. This has led to a new 12-sided coin to be released from 2017 in an attempt to reduce counterfeit money.
Of the 1.5 billion pound coins that are currently being used, about 2 million are fakes. The new coin will be roughly the same size as the current coin. The royal mint is proud to introduce a new system to spot counterfeit coins: Integrated Secure Identification System (ISIS). As with all British coins the queen will be on the ‘heads’ side while a public competition will decide the ‘tails’ side.