Launch of the new £1 coin
It is now less than three months until the new £1 coin enters circulation on 28 March 2017. The new £1 coin will be 12-sided and will replace the round shaped £1 coin that has been in use for 30 years. The new coin is being introduced to help combat the problem of counterfeit coins and will, according to the Royal Mint, be the most secure coin in the world.
It has been estimated that as much as £1.3 billion worth of coins are stored in savings jars across the country and the £1 coin is thought to account for a third of this amount. The new and old coins will continue to be in circulation together for a six-month period from 28 March until 14 October 2017. From 15 October 2017, the current round £1 coin will lose its legal tender status.
The features of the new coin include hidden high security features to combat counterfeiting in the future as well as a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.
David Gauke, the Chief Secretary to the Treasury, said:
‘March 28 should be an important date in everybody’s calendar this year – as we will have a new quid on the block. This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before. Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before 15 October.’