The Royal Mint has produced a prototype for a replacement £1 coin which utilises multiple layers of cutting edge technology and would allow the United Kingdom to rapidly reduce the rate of counterfeit coins entering general circulation.

The proposed £1 coin will be the most secure circulating coin in the world to date.

It will be constructed from two different coloured metals and contain an iSIS security feature - a revolutionary new high security coinage currency system developed by The Royal Mint.

iSIS - Integrated Secure Identification Systems - enables not just coins, but the whole cash cycle to be more secure, protecting the public, vending machine operators, retailers, and the wider banking system.

Project iSIS is the work of The Royal Mint's in-house technology team and involves the application of an existing security technology that has been proven over decades in banknotes. It is the first time that this existing security has been successfully embedded into coins.

"The Royal Mint works closely with HM Treasury, the National Crime Agency and the cash-handling industry who are committed to maintaining the integrity of the UK's currency and exploring ways in which counterfeiting can be combated. Together we ensure that every effort is made to maximise opportunities to identify and withdraw counterfeit coins from circulation.

Andrew Mills, The Royal Mint's Director of Circulating Coin, said, "The development of our iSIS project has enabled us to develop a new generation of low cost, high security, plated coin with multiple levels of banknote-strength security built in. It will enable enhanced security throughout the cash cycle, from vending, parking, retail, and banking."

iSIS is the culmination of a period of intense research and development by The Royal Mint's in-house team, and has seen an investment of over £2m to date, with a significant amount more planned over the next couple of years as the iSIS technology is commercialised.

The Royal Mint's Project iSIS received the 2013 Innovation Award from The Wales Quality Centre earlier this year.

To read the complete article, see:The Royal Mint to manufacture modern new £1 coin(www.royalmint.com/aboutus/news/the-new-1-pound-coin)