Remember demonetization, guys? A similar thing happened with the Brits some time ago. The government decided to change all £1 coins in circulation and cease the old ones to be the legal tender. The new ones which were introduced on March 27 (Monday) came into circulation on Tuesday, March 28, 2017. These coins were supposed to be more high-tech and almost impossible to fake.
As per the officials, the coin was in circulation for the last 30 years and said to be vulnerable to forgery. Call it fate or accept the fact that discrepancies are meant to happen while carrying out something like this at a national level when I tell you that some of the new 12-sided £1 coins are found defective by some people. The revised coin has a silver-coloured center with the gold ring on the outside which seems to be coming out.
This is what the government has to say:
As per the Sky News, the spokesperson of the Queen's government said, "The Royal Mint produces around five billion coins each year, and will be striking 1.5 billion new £1 coins in total," said a spokeswoman. As you would expect, we have tight quality controls in place. However, variances will always occur in a small number of coins, particularly in the striking process, due to the high volumes and speed of production."
The 12 sided coin is lighter and wider than the previous pound. The authorities say it is the most secure coin in the world, making it nearly impossible for forgery. It has micro-letter engraved around and a hologram of pound on it which when seen from a different angle then the person will see the numeral 1.
It turns out governments are not able to function in their full capacities with a proper foresight because London also faced similar problems as you would remember of India. The vending machines and trolleys were not compatible with the new design.
All the old coins will be in circulation until October 15.