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Budget 2014: Osborne to unveil new £1 coin

Budget 2014: Osborne to unveil new £1 coin

Chancellor George Osborne is to scrap the current £1 coin and replace it with a model that is reminiscent of the old threepenny bit in today's Budget announcement.

The Financial Times reports that the new 12-sided coin will incorporate anti-forgery features which Osborne, whose role includes Master of the Mint, will claim makes it the most secure coin in circulation in the world.

In the Budget Osborne is set to announce that the replacement coin will be introduced in 2017 and have bimetallic construction. The FT reported that the Queen was showed the prototype of the new coin on a visit to Buckingham Palace on Tuesday night

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