New Quid on the Block

Pound -coin 650

The pound coin as we know it is not going to be around much longer – in fact, it is relaunched today as a 12-sided coin. The Royal Mint is hailing it as ‘the most secure coin in the world’. In celebration of this event, we have pulled together 12 facts about the new pound coin:

  • This is the first time the pound coin has been changed in more than 30 years
  • The new coin is a bid to outwit counterfeiters. The Royal Mint estimates that as many as one in thirty £1 coins currently in circulation is a fake
  • It has many security features including a latent image – like a hologram – that changes from a ‘£’ symbol to the number '1' when the coin is held at different angles
  • There is a hidden security feature in the coin. The Royal Mint is not revealing details but has announced that it will protect against future counterfeiting measures
  • The portrait of Her Majesty the Queen will be the fifth coin portrait in her 65 year reign
  • It carries a true ‘United Kingdom’ design, featuring the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet
  • The new pound is ‘bimetallic’ that is, made of two metals. The coin will look gold and silver, with an outer ring of nickel-brass (gold) and an inner ring of nickel-plated alloy (silver)
  • The last 12-sided coin in circulation was threepence (3d) or ‘threepenny bit’ as it was known. This coin was pre-decimal and its value was one eightieth of a pound sterling
  • 1.5 billion of the new coins will be minted
  • There will be a co-circulation period, when both versions of the £1 coin will be accepted, between 28 March and 15 October 2017
  • If you own a business, all of your coin handling equipment should be able to accept the new £1 coin from 16 October
  • Make sure you put your round £1 coins in your savings account before 15 October when they will no longer be accepted as legal tender. The Treasury estimates that there are £433 million £1 coins currently in money boxes, saving jars or hiding under furniture. Find yours now!

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