A flood of fake currency has prompted the Royal Mint to reinvent the pound as a new 12-sided "counterfeit-proof" coin.
Around 1.5 billion of the new coins will be produced and they will come into circulation in six weeks time.
The coins will have hidden high-security features to beat counterfeiters, including a hologram, micro lettering and milled grooves.
This is the first time the £1 coin has been changed in over 30 years.
It is estimated that around one in thirty £1 coins in circulation are fake.
Depending on the quality of counterfeit, it can be difficult to tell the difference between a real and a fake £1 coin.
Can you tell the difference between the two coins below?
They look almost identical.
But according to the Royal Mint, the colour of the one on the left shows that it is a fake.
How do you spot a fake £1 coin?
The Royal Mint regularly conducts surveys to estimate the level of counterfeit £1 coins in the UK.
A survey undertaken in May 2015 found that the rate of counterfeit UK £1 coins in circulation at the time was 2.55%, compared to 3.03% in May 2014.
They have issued the following warning signs:
1) The colour of the coin does not match genuine coins
Genuine coins lose their lustre when they have been in circulation for some time.
Some counterfeits appear more shiny and golden and show no sign of age despite the date of the coin.
2) The milled edge is poorly defined and the lettering is uneven in depth, spacing or is poorly formed
Usually the milled edge of a counterfeit is poorly defined and the lettering is uneven in depth and spacing.
3) It is too shiny
The coin on the left is genuine, as real coins lose their lustre when they have been in circulation for some time.
Some counterfeits appear more shiny and golden and show no sign of age despite the date
3) The date and design on the reverse do not match (the reverse design is changed each year)
The reverse design on £1 coins is changed each year and therefore the design must match the year date. A list of designs and their respective dates are shown here.
4) The lettering or inscription on the edge of the coin does not correspond to the right year
The lettering or inscription on the edge of a genuine coin must correspond with the year date.
5) The design on both the "heads and tails" of the coin is not in line
The designs on both the “heads and tails” of the coin should be aligned when swivelled.
6) It doesn't work in a parking meter or vending machine
According to the Royal Mint, it may not always be easy to spot a counterfeit £1 coin without close inspection. Many people only notice when their coins are rejected by parking metres.
What to do with a fake coin
Using counterfeit coins is illegal. If you have a counterfeit or suspect that a coin may be a counterfeit, the Royal Mint say you should hand it in to your local police station.
Why will the new £1 coin be better?
- The outer ring is gold-coloured nickel brass
- The inner circle is silver-coloured nickel-plated alloy
- It has an image like a hologram that changes from a £ symbol to the number 1 when seen from different angles
- It is micro lettering on the lower inside rim
- It has milled grooves on alternate sides
- There is a hidden high-security feature to beat counterfeiters.
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