As of March 28th 2017, a new £1 coin will be entered into circulation in the UK. The new 12-sided £1 coin is set to be the most secure coin ever produced, meaning it’ll be harder to illegally counterfeit than the current ‘Round Pound’ that we’ve become so familiar with since it replaced the £1 note over 30 years ago.
How often have you inserted a pound into a vending machine, only for it to be spat out over and again? Well, it’s probably a counterfeit! In fact, around one in every 30 round pound coins in your change in recent years has been fake.
The brand-spanking new £1 coin will set the record straight – it’ll feature a super cool state of the art ‘hologram’ where the £ symbol changes to a 1 at different angles and is made up of two metals (bi-metallic) a gold outer ring and silver inner, similar to the current £2 pound coin we see today.
The new £1 coin will be slightly thinner too, but its diameter is slightly larger. Other features include micro-lettering, milled edges and a hidden high security feature to protect it from counterfeiting in the future.
What does this mean for the old £1 coin?
The new £1 coin will see the end of the round pound as we know it. After 15 th October 2017, the round pound will no longer be legal tender so if you’ve got old round pound coins in your wallet, piggy banks or hidden down the back of your sofa, dig them out and spend them before they become useless. Experts predict that there is a whopping £433 million worth of round pound coins hidden away, so make sure to dig deep!
You will still be able to bank old pound coins at your bank or post office after 15th October, just make sure to check their policies on depositing limits.
Of the coins that are returned, some of them will be melted down and reused to make the new £1 coin at the Royal Mint in Llantrisant, Wales. It’s estimated that they’ll make over 1.5 billion new £1 coins at a rate of 2,000 each minute, so you’ll be sure to see them appearing in your change very soon.
What will happen to coin machines?
All retailers that use coin operating machines such as vending machines, trolleys, self-service check outs, parking meters etc. are being encouraged by the government to get ready for the big change. As of October 15th, all coin handling equipment should be able to accept the new coin.
From this date, retailers will no longer accept or distribute the old £1 coin over the counter or in coin operating machines, and until then, retailers will have to make necessary adjustments to make it clear to consumers which machines can accept the new £1 coin.
So what are you waiting for? Check the back of your sofa, rummage through your old jeans, smash open your piggy bank and grab hold of your old round pounds before it’s too late.
Have you found your pound? Share your stories with us on Facebook or Twitter using the hashtag #FoundAPound. The 118 118 Money boys are on their way down to the barbers to trim their moustaches! How will you spend yours?