The new 12-sided £1 coin is “going global”, the Treasury has announced – as overseas territories and Crown dependencies will be able to design and mint their own versions of it.
The coin, which was introduced in 2017 and boasts features designed to thwart criminals trying to produce copies, has been described by the Government as “the most secure of its kind in the world”.
The move means those living overseas may soon be able to spend the bespoke versions of the new pound coin, replacing the older coins currently in use.
Many territories and dependencies have coins based on older versions of UK currency and they will now have the choice to use this cutting-edge technology and design to protect their cash, the Government said.
Currently, many of the UK’s territories and dependencies use their own versions of the pound which are pegged against sterling.
To produce their own 12-sided £1-coin, overseas territories and Crown dependencies will inform the Royal Mint, who will ensure that the same security standards are met before approving and supplying them with the necessary blank or struck coins.
Features of the new £1 coin to thwart counterfeiters include intermittent milled edges and the denomination and year date incorporated in micro-text on the coin.
It replaced the round pound which had become vulnerable to sophisticated counterfeiters – with around one in every 30 in circulation being a dud.
The Treasury said the new versions of the coins are expected to feature images celebrating the heritage of the territories, with their history and culture pictured on the reverse side.
Ministers believe this will symbolise the close links between the UK and its territories.
The Isle of Man, Jersey and Guernsey are Crown dependencies of the UK.
The UK overseas territories include Akrotiri and Dhekelia; Anguilla; British Antarctic Territory; Bermuda; British Indian Ocean Territory; British Virgin Islands; Cayman Islands; Falkland Islands; Gibraltar; Montserrat; St Helena and Dependencies (Ascension Island and Tristan da Cunha); Turk and Caicos Islands; Pitcairn Island; and South Georgia and South Sandwich Islands.
Robert Jenrick, Exchequer Secretary to the Treasury, said: “The Great British pound is internationally recognised and as we extend the new £1 coin to our territories and dependencies, we will see new designs emerge that together symbolise our shared history.
“In the same way that the rose, leek, thistle and shamrock are used on our coin to represent the four nations of the UK, these new designs will reflect the rich and varying British communities across the world.
“From the Falklands to Gibraltar, this move sends a clear message of our unshakeable commitment to our territories around the globe.”
Lord (Tariq) Ahmad of Wimbledon, Minister of State for the Overseas Territories, said: “This is an exciting opportunity for our currency to reflect the breadth and variety of the British Territories.
“Each will be able to create a design that reflects their own distinctive heritage as part of the British family.
“As well as helping to boost their identity, these new coins will also bring increased security to each of these economies.”