Re: security chip???
Unfortunate choice of name. The videos on the site seem like a sales pitch to other countries/issuers rather than explaining our new pound, but then the Royal Mint makes a lot of money for other countries. It's one of those fun Treasury/Central bank things. To me it's a humble quid in my pocket, to them it's the cost of that coin and TCO of money. Plus the arms race between Mints and counterfeiters and the cost of replacing coinage or notes if they're too easy to fake.