The new dodecagon design is modelled on the old three-penny piece and will be in pockets by 2017
George Osborne is plotting to take the pound from your pocket – and replace it with a counterfeit-proof 12-sided £1 coin.
The Chancellor will say in tomorrow’s Budget the change is needed to stay one step ahead of criminals.
But the move was dismissed as a distraction from more savage cuts.
The new dodecagon design – dubbed a ‘Gideon’ at Westminster after Mr Osborne’s real name – is modelled on the old three-penny piece, or thrupenny bit.
It is of similar size but made with two different colours and special paint that is much harder to copy.
The current pound coin was introduced in 1983. There are now an estimated 45 million fakes in circulation – about one in 33 of those in use.
A Treasury source said yesterday: “The time is right to retire the current pound coin and replace it with the most secure coin in the world.
“With the pound ever more vulnerable to counterfeiters, it’s vital we stay ahead using cutting-edge British technology.”
The old thrupenny bit was in circulation from 1937 until decimalisation in 1971. The new pound coin will be introduced from 2017.
The Queen’s head will be on the coin as usual but Mr Osborne is expected to announce a public competition to find a design for the reverse.