Why Does The New British £1 Coin Help To Stop Fraud?

By
Soubiksha Lakshmanan
-
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Since yesterday, there have been reports the new British  £1 coin and how similar it looks to the Singaporean S$1 coin. If you haven’t seen the latest British £1 coin yet, here’s a first look at it. 

Singapore S$1 coin

image source:http://sgforums.com/forums/1802/topics/471962

British £1 coin

image source:http://money.cnn.com/2016/10/31/news/new-pound-coin-vending-machines/

Looks wise, the size and the shape is pretty similar – just the fact that the British coin has 12 sides, and that the shade of gold on the coin looks a little more yellowish. Okay, and not forgetting the embossing on the coin. 

12-sided coin can help reduce fraud

It was also reported that the distinctive features of the 12-sided British coin introduced can help to reduce fraud in the country. Here’s why. 

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image source:https://www.thenewpoundcoin.com/media/1003/rm-1-diagram-poster.pdf

The 12 sided coin makes it easier to identify it from the counterfeit coins by touch. The British £1 coin is also made from 2 different types of metal – the gold outer ring made of nickel-brass and the silver-coloured inner ring made of nickel plated aloy – making it more difficult to counterfeit. 

There’s even a hidden high-security feature that is built in the coin to protect it from counterfeiting in the future!

It’s definitely something that has been created with a lot of consideration. Maybe Singapore can adopt this next? 

 

Featured image:http://www.mirror.co.uk/all-about/new-pound-coin

This article was first published on www.goodyfeed.com

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Soubiksha Lakshmanan
Email: [email protected]