South Yorkshire residents to get first look at new 12-sided £1 coin today

The new 12-sided 1 coin.
The new 12-sided 1 coin.

A new 12-sided £1 coin comes into circulation today in the hope of clamping down on counterfeits.

The hi-tech coin includes a hologram and micro-sized lettering inside both rims.

The Royal Mint claimed it will be the 'most secure coin in the world' and it will replace the existing £1 coin, of which around 40 per cent are thought to be fake.

Adam Lawrence, chief executive, said: “It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come.”

Existing £1 coins will be withdrawn on October 15 this year. From this date shops will no longer accept the coins, but people will still be able to take them to banks.