This is the 12-sided £1 coin that will replace the version that ’ s been in circulation for more than 30 years in 2017 . Experts say the new , bi-metallic coin , which will be in two colours , will be the most secure coin in circulation in the world . The striking design featuring a rose , leek , thistle and shamrock emerging from a Royal Coronet was created by 15-year-old schoolboy David Pearce , who won a Royal Mint competition . Scroll down for video . The new 12-sided £1 coin design that will replace the current version , designed by 15-year-old David Pearce . 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 . More than 6,000 people entered the competition to design the new coin . David Pearce , of Queen Mary ’ s Grammar School in Walsall , was surprised by a phone call from the Chancellor this week telling him he had won . His design features the four well-known symbols of the UK emerging from a Royal Coronet . The Royal Mint estimates that about three per cent of all £1 coins - or a staggering 45 million - are now forgeries . In some parts of the UK , the figure is as high as six per cent . Over the past few years , around two million counterfeit £1 coins have been removed from circulation each year . George Osborne meeting with children who entered the competition at Number 11 Downing Street yesterday . 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 decimalisation 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 the Second World War since its distinctive size and shape made it the easiest coin to recognise during the blackout . The new £1 coin will affect many aspects of daily life , including vending machines , parking meters and shopping trolleys . Ministers admit there will be costs for some businesses , but say the increasing number of forged £1 coins in circulation mean action has become urgently needed . The current £1 coin has been in circulation since 1983 . Pictured , annealed coins at the Royal Mint . Many business leaders agree that such significant sums are now being lost through counterfeits that a new coin that is harder to forge is needed . Mr Osborne said : ‘ Designing the new £1 coin was a brilliant opportunity to leave a lasting legacy on what will be the most secure coin in circulation anywhere . ‘ The competition captured the imagination of thousands of people and David Pearce ’ s winning design will be recognised by millions in the years ahead . 'It was fantastic to congratulate him and other young entrants in person in Downing Street. ’ David said : ‘ I was really excited to hear that I had won the competition to design the new £1 coin but hugely shocked as well . ‘ I heard about the competition through my design teacher at school and I thought I had nothing to lose so I decided to enter . ' I spent a lot of time researching what coin designs looked like and what sort of designs would represent all parts of the UK before submitting my idea and I honestly can not believe I have won. ’ Adam Lawrence , chief executive of The Royal Mint said : ‘ We are delighted to have the opportunity to support Her Majesty ’ s Treasury in modernising the iconic £1 coin and helping to re-define the world of coinage . 'Made from two different metals and including ground-breaking technology developed at The Royal Mint , this new 12-sided coin will be the most secure circulating coin in the world . ‘ As an organisation we have been established for over 1,000 years , but we are constantly looking to the future , so it ’ s fantastic to see the work of a talented young artist like David Pearce being replicated on a coin , that will be used by millions of people in Britain and recognised world-wide for years to come . ’
David Pearce , from Walsall , beat more than 6,000 entrants in competition . The 15-year-old 's design unveiled by George Osborne at today 's budget . Schoolboy was told he had won in a phone call from the Chancellor . It shows a rose , a leek , a thistle and a shamrock to represent UK countries . Current £1 has been in circulation since 1983 - longer than average coin . Experts say new bi-metallic coin will be most secure in circulation in world .