FX.co ★ UK introduces sounder pound to fight fraud

Although modern technologies and materials have advanced incredibly, ordinary coins will be hardly replaced by something else in the nearest years. Available minting technologies certainly make it possible to implement a new technique, to reinforce security against counterfeiting, and to prolong wear and tear. However, such innovations will cost huge money on the global scale. Therefore, mints keep on issuing conventional coins in the old fashion. Even the newly invented popular virtual currencies are expected to be minted like conventional coins. So, the UK Treasury hailed “the exciting project” on replacing its one-pound coin after the current model spawned millions of fakes. The current £1 coin design is now more than 30 years old. So, the main reason for launching a new coin is to stamp fraud. Sophisticated counterfeiters are capable to produce fake home-made £1 coins. According to the Royal Mint’s estimates, the coin has a 3% forgery rate (6% in some counties) amounting to more than £45million in circulation. Thus, the Treasury assigned the Royal Mint to replace it with the most secure coin in the world. The Treasury spokesman said, “The coin will take a giant leap into the future, using cutting edge British technology” such as a special alloy, three tiers of security, and the unique Integrated Secure Identification System (ISIS) being the Royal Mint’s know-how. The new coin will be constructed from two different colored metals. ISIS enables not just coins, but the whole cash cycle to be more secure, protecting the public, vending machine operators, retailers, and the wider banking system.