The government is to introduce a new pound coin, fashioned like the old 12-sided Imperial threepenny bit, supposedly to stop counterfeiters. (The Bank of England previously proposed introducing plastic notes.)
Historically round coins were introduced so that “trimmers”, those who trim coins to assist in counterfeiting, could be immediately spotted. Now the government is introducing a trimmed coined because it’s already reduced the value of the £ pound in our pockets since 2010 by more than 20 per cent.
The £1 coin was to prepare the way for the introduction of the similar-looking euro. Political counterfeiters in Westminster and Brussels are going to have their work cut out. ■