A New (QR Code?) Pound Coin

The UK’s Royal Mint announcement yesterday that there is to be a new pound coin gives me the opportunity to resurrect an idea I had 3 years ago. As always the reigning British monarch’s head will be on one side of the coin but the Royal Mint is to run a public competition to choose the design for the reverse of the coin. My idea is to put a QR Code on the new coin. The QR Code would resolve to a server operated by the Royal Mint and then redirected to wherever they chose. The Royal mint would then auction weekly leases on the QR Code redirect. With 1.5 billion pound coins (currently) in circulation this could be attractive to many businesses, particularly if they run a promotion with a competition. For example “Scan the pound in your pocket to enter the Pepsi grand challenge”. There are three things I particularly like about my idea. Firstly if a competition goes viral everyone with a pound coin can enter immediately. Secondly people may get used to scanning a pound coin once a week just to see what’s there. Thirdly, last year the Royal Mint’s return on capital was 0.5% but with a new revenue stream from QR Code leasing this could be increased by a significant factor.

The new QR Code pound coin that the Royal Mint has yet to approve

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