With around one in every 30 £1 coins in circulation believed to be a fake a change is needed. From the 28th of March 2017 the new £1 coins, with 12 sides, will begin to circulate in the UK. The current round £1 coins will start to be phased out and from the 15th October 2017 they will no longer be legal tender. The new pound coin will closely resemble an old threepenny bit. A percentage of the new £1 coins will be made using metal sourced by melting down the old £1 coins.
New year new £1 coins
The new £1 coins are going to be two-tone. Made of a gold coloured nickel-brass outer ring and a silver coloured nickel-plated alloy inner ring. The new £1 coins have a £ symbol that when held in different positions will show as the number 1. The edges are milled and there is lettering on the edges. There is a latent image on the new £1 coin that changes from a £ to a 1 symbol when viewed from different angles. Also, there is a hidden high security feature that will protect the coin against counterfeiting in the future too. This means for the first time that 100% accurate automatic recognition is possible on a genuine or counterfeit coin. Anything that helps UK businesses and the taxpayer avoid losing money is great as far as I am concerned!
The diameter of the new £1 coin is larger but overall the coin is thinner and lighter. A staggering 1.5 billion will be produced! Imaging all of those side by side!
With this being the first new £1 coin since 1983 I’m already looking forward to holding one in my hand!
What do I need to do with my old £1 coins?
The new £1 coin starts rolling out late March 2017. However, you will have until October 2017 to spend any of the current £1 coins. Ensure that you empty your piggy banks, check down the back of the sofa and use your coins in the normal manner. There will be a six month overlap period so you have lots of time to get spending those old £1 coins.
What happens if I don’t spend my old £1 coins by October 2017?
Once the demonetisation has occur you will still be able to deposit old £1 coins at banks including Halifax, RBS, Natwest, HSBC, Ulster, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Bank of Scotland and The Post Office providing you hold an account with them. Check with individual banks for details of any limitations.
In addition to the new pound £1 coins there will be new designs for the £2 coin, celebrating Jane Austen. Another £2 coin design will remember the Royal Flying Corps. The 50p has a new design too, celebrating Sir Isaac Newton.
If you want to find out more then visit the specially created website from The Royal Mint. You can find resources for businesses here too.