The new pound coin will enter circulation on Tuesday 28th March and will eventually replace the current pound coin. We’re answering your questions on how this will impact your day to day life.
Can you still use the current pound coin?
You’ll still be able to use the current, circular pound coin as legal tender up until 15th October. After this date the coin will not be accepted in shops but you will still be able to bank them.
Why are we having a new pound coin?
Out of all of the current pound coins in circulation, around one in thirty are counterfeit. The new coin has been referred to by The Royal Mint as the most secure coin in the world. The new coin has numerous distinguishing feature and security measures that will make it incredibly difficult to make counterfeit coins.
12-sided – its distinctive shape makes it instantly recognisable, even by touch.
Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).
Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.
Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.
Milled edges – it has grooves on alternate sides.
Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.
The Royal Mint.
What does it mean for us?
Companies have had plenty of warning that this new coin would be coming into circulation early this year. The Royal Mint announced the plans back in 2014. This should mean that bigger companies in particular are well prepared for the change. It’s thought that the coin will be accepted in the vast majority of vending machines and car park machines. Inevitably there may be the odd few where it doesn’t work though.
The new coin will not work in supermarket trolleys. Supermarkets are working towards replacing the coin slots in their trolleys but you can buy a token for around £1 just to be on the safe side. I have one on my keyring as I rarely carry loose change on me.
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