Watchout! From the 28th March 2017, we’re going to have the new one pound coin in circulation. Does that mean the old £1 coin will be scrapped? Yes, eventually.
What are the new features of the £1 coin?
The new £1 coin (The Royal Mint)
According to The Royal Mint the new coin has twelve sides and is the most secure coin in the world. Here are some of its features:
The new £1 coin has distinctive 12 sides that makes it recognisable merely by touching.
Comprising of two metals – nickel brass & nickel plated alloy; it has a very unique appearance. The outer ring is gold coloured while the inner is silver.
The image on the coin is like a hollogram that changes from ‘£’ to ‘1’ when seen from different angles.
It has grooves on alternate sides.
The lower rim of the coin has very small lettering on either sides.
Hidden security feature:
In order to avoid counterfeiting a high security feature is built into the coin.
Here’s what’s going to happen:
- From the 28th of March 2017, the current and new £1 coin will be in circulation at the same time.
- This will go on for six months from the date of inception.
- During this time both coins will be accepted.
- When the six months co-circulation period ends i.e. on the 15th of October 2017, the round coin will no longer be accepted as a legal tender. However, it can be deposited in most high street bank accounts and post offices. This again can vary from bank to bank including limits.
So what you need to do now is dig up your pockets, get your piggy banks out of the closet and use the change up or get it changed.
Source: The Royal Mint