Britain to issue new one-pound coin to fight counterfeits

British government unveiled a new one-pound coin Wednesday, aiming to fight against forgery and counterfeit. The Royal Mint said the new coin will have the same shape as the 12-sided three pence piece or "threepenny bit" and would be "the most secure coin in the world". The coin is expected to be introduced in 2017. Figures released by the Royal Mint estimates that about 3 percent of all 1 pound coins are now forgeries. In some parts of the country, it is as high as five percent. "Over the past few years, around two million fake one-pound coins have been removed from circulation each year. This is a direct cost to the banks and cash handling centers, and to the economy," the Royal Mint said in a statement. "In addition to these costs, increasing rates of counterfeiting could in the future, pose a challenge to the integrity our currency which is so important to the resilience of our economy," it added. The current one pound coin has been in circulation for over 30 years, much longer than the normal life cycle of a modern British coin. "Its technology is no longer suitable for a coin of its value, leaving it vulnerable to ever more sophisticated counterfeiters," the treasury said in a statement. It said that the government would consult on the new coin in detail, focusing on the impacts on business, and expects to introduce it in 2017. The treasury said while law enforcement agencies are successfully cracking down on counterfeiting groups, "the only sustainable solution to ensure that we stay ahead of the criminals is to introduce a new, highly secure coin, reducing costs to business and the taxpayer." The new coin will have the Queen's effigy on the heads side, but the treasury said there would be a public competition to decide the design for the reverse, or tails side.