I don’t think there are many things in the world that are more iconic than the British £1 coin and for almost 34 years the coin as we know it has been filling our pockets and piggy banks. We’re now in for a change, our beloved quid is getting a make over which includes the shape. Here is everything you need to know about the new pound coin.
What Is Different About The New Pound Coin?
There have been many changes to the new £1 which have been added to aid in protecting the coin from counterfeiting. It is estimated at 1 in 30 coins are now fake so introducing this new coin should save businesses and taxpayers a lot of money. The changes implemented are:
- The new £1 coin will now have 12 sides.
- It’ll look similar to our current £2 coin in the fact that it will be a two-toned metal (bimetallic).
- It has an image (like a hologram) that changes from the ‘£’ symbol to a number ‘1’ when the coin is tilted at different angles.
- It has tiny lettering on the lower inside rim on both sides of the coin. One pound on the “heads” side and the year of production on the “tails” side.
- There will be grooves on alternate sides.
- Hidden security features will aid in protecting it from being counterfeited.
- It is also thinner, lighter but larger than the current £1 coin.
When Is The New Pound Changing?
The new pound coin will be released on the 28th March 2017 with the old style pound coin being phased out then demonetised from October 2017. This means from October the old pound coin will no longer be legal tender and businesses will refuse to accept it.
What happens if I still have the old pound coins? Don’t worry if you have piggy banks brimming with the current coin, as I said you will have 6 months to spend them but even after that you can still pay them in to your bank or at The Post Office – double check with your bank in case they have any restrictions (a maximum amount for example). Just be sure to empty your’s (and the kid’s) savings pots in advance.
About The Design
The tails side of the coin was created by 15 year old David Pearce who won a public design competition and it depicts the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet. The heads side is the fifth coin portrait of Her Majesty the Queen, designed by Royal Mint coin designer Jody Clark.
Is There Anything Else I Need To Know?
Unless you’re a business who uses money recognising machinery such as vending machines, trolleys or coin sorters then no. If you are a business who uses these kind of machines then you need to contact the manufacturer of the machines to get them adapted. Pop along to www.thenewpoundcoin.com for more help.
Although not directly linked to the new pound coin, I thought I’d mention that there will be new designs for the £2 coin; one celebrating Jane Austen and another design will remember the Royal Flying Corps. The 50p will also have a new design too which celebrates Sir Isaac Newton.
Are you looking forward to the new pound coin? I think it’s great that it’s finally having a revamp but I’m sure it’ll take a while to get used to – like the new £5 notes.