No longer round but will the new £1 coin still be sound as a pound?
A new twelve sided pound will replace the existing coin in a bid to fight back against forgers.
The new coin will still fit in supermarket trolleys, parking meters and vending machines.
The Government expects the new coin to be introduced in 2017, replacing the existing £1 coin that has been in circulation for 30 years.
Based on the old threepenny bit, the Bank of England claims it will be as secure as modern banknotes and save the taxpayer millions by cutting down on fraud.
Chancellor George Osborne is due to announce the new coin today.
The Queen’s effigy will be on the ‘heads side’, but a public competition will decide on the design for the ‘tails side of the coin.
The Treasury said: “With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters, it’s vital that we keep several paces ahead of the criminals to maintain the integrity of our currency.
“We are particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time paying a fitting tribute to past in the 12-sided design of the iconic threepenny bit.”
Kelvin Reynolds, director of policy and public affairs at the British Parking Association, said: “Parking operators have long expressed concerns about a rise in counterfeit £1 coins and the inconvenience this causes to motorists when coins are rejected by parking payment machines and the losses incurred as a result.”