THIS is the 12-sided £1 (US$1.47) coin that will replace the version that’s been in circulation in Britain for more than 30 years in 2017.

    David Pearce, 15, of Queen Mary’s Grammar School in Walsall, beat more than 6,000 entrants in a Royal Mint competition and his design will be unveiled by George Osborne at today’s Budget.

    It takes in four well-known symbols of the U.K. with a rose, leek, thistle and shamrock emerging from a Royal Coronet.

    The teenager was surprised by a phone call from the Chancellor this week, who told him the outcome of the competition organized by The Royal Mint on behalf of the Treasury.

    The current £1 coin has been in circulation since 1983 — much longer than the normal life cycle of a modern British coin.

    Its technology is said to be no longer suitable for a coin of its value, leaving it vulnerable to ever more sophisticated counterfeiters. The Royal Mint estimates that about 3 percent of all £1 coins — or a staggering 45 million — are now forgeries.

    Over the past few years, around 2 million counterfeit £1 coins have been removed from circulation each year.

    Experts said the new, bi-metallic coin, which will be in two colors, will be the most secure coin in circulation in the world.

    In a nod to Britain’s heritage, it is the same shape as the 12-sided threepenny or thrupenny bit, which was in circulation from 1937 until decimalization in 1971 and was in the first group of coins ever to feature the portrait of Queen Elizabeth II.

    The threepenny bit was the first British coin to use a 12-sided shape, which was popular during World War II since its distinctive size and shape made it the easiest coin to recognize during the blackout.

    The new £1 coin will affect many aspects of daily life, including vending machines, parking meters and shopping trolleys. Ministers admitted there will be costs for some businesses, but said the increasing number of forged £1 coins in circulation mean action has become urgently needed.(SD-Agencies)