Soon to be extinct ????

“After 30 years loyal service, the time is right to retire the current £1 coin, and replace it with the most secure coin in the world,” the Chancellor told his fellow MPs.

The Royal Mint estimates that about 45m £1 coins in circulation are now forgeries.

The Government expects the new coin to be introduced in 2017.

As with all British coins, the Queen’s effigy will be on the “heads side”. However, there will now be a public competition to decide the design for the “tails” side of the coin.

The Treasury said: “With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters, it’s vital that we keep several paces ahead of the criminals to maintain the integrity of our currency.

“We are particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time paying a fitting tribute to past in the 12-sided design of the iconic threepenny bit."

Only problem is every vending machine, parking ticket machine and the like has to be replaced or modified to accept the new coin ????? Costing industry billions in costs to upgrade to the new coin of the future ?????