The new £1 coin resembles the 'threepenny bit', which was introduced back in 1937
Chancellor George Osborne says the coin's construction makes it "the most secure circulating coin anywhere in the world".
The familiar round shape will be replaced with a 12-sided design, with the first of the new coins expected to enter circulation in 2017
The new coin is designed to be more difficult to forge than the existing one
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An estimated 3% of all £1 coins - around 45 million in total - are counterfeits, according to the Royal Mint.
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