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New high-tech £1 coin to replace old pound in bid to tackle forgeries

The new 12-sided £1 coin will enter circulation on Tuesday, replacing the old round version after 30 years.

The new, high-tech coin is being introduced because the old one was vulnerable to forgery. It is estimated that roughly one in every 30 coins of the old pound is a fake.

The new coin, which authorities describe as the most secure in the world, has a bi-metallic structure with a gold-coloured outer ring and a silver-coloured inner ring.

It features a hologram which allows a "£" sign to change into the number "1" when viewed from different directions, while micro lettering and milled edges will also make the new coin harder to forge.

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For the next six months both coins will be accepted as legal tender, but people are being encouraged to return their old pound coins to the bank or spend them by 15 October at the latest.

The new pound coin will gradually enter circulation over the next few months.

But there have been concerns about whether coin-operated machines, such as vending machines and parking meters will be ready to accept the new coin.

Tesco (Frankfurt: 852647 - news) said last week that shopping trolleys across many of its stores will be unlocked as the supermarket makes the necessary adjustments so they can accept the new coins.

The Automatic Vending Association estimates that 85% of vending machines will be able to accept the new £1 coin.

They described updating the vending machines as a "major operation" and estimated that it would cost the industry £32m, but said they supported the actions taken to reduce the level of fake coins.

The British Parking Association said the majority of parking machines will be ready for the new £1 coin but some older ones may need to be replaced entirely.

The new £1 coins are based on the design of the old 12-side threepenny bit, they are thinner and lighter than the old coin but have a slightly larger diameter.