Budget 2014 and New Shape for £1 Coin by 2017

The Telegraph has reported: “George Osborne will use his Budget to announce a new 12-sided £1 coin based on the old threepenny bit“.

The Budget is always something well followed by so many; a make or break kind of information.

But what to think about that new coin?

A new design can be good to follow trends and fashion but all mechanisms operated by £1 coins will have to change at a cost to the economy of £20 million. Who will pay this extra charge for launderettes, landlords, independent businesses who have a meter or other type of equipment which will then be redundant.

The main point about this new creation:

…The new 12-sided coin will be as secure as modern banknotes and will save taxpayers’ money by cutting down on millions of pounds worth of fraud…

A colleague always said why fixing something which is not broken?

After this announcement this morning, numerous radio stations had an open debate whether this is a good thing, and the general thoughts about this rather distinctive 12 sided coin based on the old threepenny bit.

threepenny bit 1944

Will you be better off after The Budget?

As always, new doesn’t mean good by everyone. Some traditionalists will reject it straight away.

This kind of reaction is normal as you can’t please everyone. This is usually a great topic of conversation when meeting with family and friends. Each of us has a different opinion and sometimes it is hard to understand why individuals are against a new shape, font and make-over.

It was the same kind of surprise when the new 50 pence coin was introduced; it was lighter and thinner. After a while users managed with it and nowadays it is just like another piece of change in our wallets/pockets.

Nevertheless, this new £1 coin is not ready as yet.

…The Queen’s image will remain on the ‘heads’ side of the coin and the Treasury is launching a competition to design the image that will be reproduced on the ‘tails’ side… Source

The Royal Mint believes that there is only 3 per cent of fake £1 coin in circulation at the moment – out of 45 million one pound coins.

To read more about this new coin visited the dedicated article of The Royal Mint HERE.

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