8 Things You Need To Know About The New £1 Coin
Please note this blog post was published over 12 months ago and so may not include the most up-to-date information, for example where regulation around investing has changed.
See that quid in your pocket? By the end of the year, you’ll never see that coin again. That’s right, the classic one pound coin is set for its demise, with the new era of a modern twelve-sided pound debuting on March 28.
Here’s everything you need to know about the fall of the classic pound and the rise of the new twelve sider…
1. Why The Replacement?
The current pound is a classic, a solid size and weight, with a traditional round face. However, that’s what makes it so easy to counterfeit.
Indeed, the current estimates are one in every thirty pound coins is a fake. A change had to be made – and this new pound is set to be one of the most secure coins on the planet.
2. What Makes The New Pound Better?
Obviously there’s the twelve sides on the new pound, but it also boasts a hologram which will turn from a “£” sign to a “1” sign when moved in the right way. Micro letters and milled edging will also make life harder for the counterfeiters.
3. When Will The New Coin Overtake The Old Coin?
March 28 is the day that the coin enters circulation, so keep your eye out for it in your pocket. It will take a little bit of time for the new piece to totally overtake the old coin in circulation.
4. Will Current Pound Coins Be Useless?
You’ll be able to spend your old coins for six months following the launch of the new pound.
However, keep in mind official advice to take old pounds to the bank or get them spent before mid-October.
5. Could The New Pound Cause Problems With Traditional Slots?
Yes, it is expected there will be some level of problems with everything from supermarket trolleys to vending machines.
However, this is expected to be on a minimal side. The Automatic Vending Association has said around 85% of vending machines will take the old and new pound coins.
6. The Modern Look
The new pound certainly looks futuristic, with a gold coloured outer part and silver inner part. In that respect it is similar to the two pound coin, however the twelve sides make it totally unique.
The coins are slightly thinner and lighter than their predecessor, but they do a boast a slightly superior diameter.
7. The Whole UK Represented
The new pound features a rose, a leek, a thistle and a shamrock. At a time when unity is a big issue in the United Kingdom, it is good to see the whole of the UK represented in the new pound design.
8. Current Production
There are 1.5 billion of the new pound coins being produced by the Royal Mint, with three million every day coming out of the Royal Mint base at Llantrisant in Wales.
What do you think?
Do you like this new futuristic pound? Will you miss the classic quid?