New £1 coin - "the most secure in the world" - comes into circulation

The coin includes a hologram and micro-sized lettering inside both rims and the Royal Mint also said it contains a “hidden high security feature”.

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 of the Royal Mint, 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Existing £1 coins  will be withdrawn on October 15, 2017. From this date shops will no longer accept the coins, but people will still be able to take them to banks.