The old £1 coin scrapped: Meet its 12-sided replacement

The new design is modelled on the old three-penny piece and will be harder to forge.

11:28 19 March 2014

A new 'counterfeit-proof' 12-sided £1 coin will be in the nation's pockets by 2017, it has been revealed.

The dodecagon design looks like a hybrid of the old three-penny piece and the Euro.

Ahead of his fifth budget address, Chancellor George Osbourne tweeted: "Today I will deliver a Budget for a resilient economy - starting with a resilient pound coin."

A Treasury source told The Mirror: “The time is right to retire the current pound coin and replace it with the most secure coin in the world.

"With the pound ever more ­vulnerable to counterfeiters, it’s vital we stay ahead using cutting-edge British technology.”

The current pound coin has been around for over three decades after it was introduced in 1983 and it's estimated that there are 45 million fake versions in circulation (one in 33).

While the Queen's head will remain on the coin as is always the case, it has been reported that there will be a public competition which will result in the winner's design entry being stamped on the reverse tails side.