New 12-sided pound coin unveiled by George Osborne ahead of Budget 2015
George Osborne will unveil the design of a new look pound coin which will be hitting people's pockets and purses in 2017.
The unusual 12-sided shape is designed to combat forgeries better than the familiar smooth circle we're all used to – although, for those who may remember, it's been modelled on a threepenny bit.
The coin includes the Royal Mint's new anti-counterfeiting technology and uses two different metals which will make it the most secure coin in the world according to the UK's official coin-maker and the Treasury.
Around three per cent of all pound coins in circulation are thought to be fakes, adding up to a rather hefty £45m.
The "tails" side of the coin features a rose, leek, thistle and shamrock design emerging from a Royal Coronet and was created by a 15-year-old pupil from Walsall. David Pearce was told by the chancellor George Osborne this week that he'd beaten more than 6,00 entrants in a competition to find the winning design for the coin.
It's the first time in more than 30 years the pound coin has been replaced with the current coin first introduced in 1983.
