Notts: Regional Chamber of Commerce welcomes plans to introduce new £1 coins in bid to beat forgeries

The current £1 coins are set be replaced by a new 12-sided coin in 2017

The new coin is being introduced address concerns about the number of forgeries in circulation.

The Royal Mint believes that around 45 million – around three per cent – of £1 coins in the UK are fake.

And it says the move would increase confidence in UK currency and reduce costs for banks and businesses.

Chris Hobson, head of information and representation at the Chamber of Commerce, said: “It’s important that UK currency is both physically robust and difficult to counterfeit and this move will help to address both of those issues.”

“We are assured the new coins will be harder to forge, which will help to eliminate fraud and maintain strong confidence in UK currency.”