The new 12-sided £1 coin
The government estimates that currently one in thirty £1 coins in circulation is a counterfeit.
The new coin will have a number of features that make it much more difficult to counterfeit, the most distinctive of which is its shape which makes it instantly recognisable, even by touch.
Whilst many in the payment industry have predicted a cashless society over the next 20 years or so, the fanfare over the format of a one pound coin offers a reminder of the challenges when it comes to changing the way people pay.
Although parking meters and vending machines have started to convert to app-based, mobile payments, it seems that metal coins will continue to offer convenient access to supermarket trolleys and gym lockers for generations to come.
The resilience of cash shows that even the ‘millennial generation’ may not be ready to accept a fully cashless state. To test this, try explaining to a pre-teen kid that they’re not allowed to use the “coin pusher” machine at an amusement park.
Society has many ways of teaching impressionable citizens of all types and ages about the complicated social technology of value exchange and it should not come as a surprise that coin technology continues to survive.