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Say Goodbye to the Pound Coin in 2017!

November 2, 2016 11:58 am Published by

The new pound coin will be in UK circulation from March 2017 and it’s going to look completely different!

We’re seeing a lot of change in our currency at the moment. First we introduced the new five pound notes in September, the upcoming pound coins are released in March and new polymer £10 and £20 notes will follow later on!

MUST CREDIT: Royal Mint/Rex Features Mandatory Credit: Photo by Royal Mint/REX/Shutterstock (3659674b) Prototype for a replacement £1 coin Royal Mint to manufacture new one pound coin, Britain - 19 Mar 2014 Today George Osborne, the Chancellor of the Exchequer, revealed that HM Treasury believes there is a strong case for introducing a new £1 coin to help reduce counterfeiting and ensure the integrity of the United Kingdom?s currency. The Royal Mint has developed world-leading anti-counterfeiting technology which will enable Her Majesty?s Treasury to modernise the United Kingdom?s circulating currency with the production of a brand new £1 coin. The Royal Mint has produced a prototype for a replacement £1 coin which utilises multiple layers of cutting edge technology and would allow the United Kingdom to rapidly reduce the rate of counterfeit coins entering general circulation. The proposed £1 coin will be the most secure circulating coin in the world to date. It is based on the design of the old threepenny bit, a 12-sided coin in circulation between 1937 and 1971.

The pound’s current design has been in circulation for the last 30 years and its replacement is will have more ‘secure’ features such as:

  • 12 sides – a more distinctive shape.
  • Milled edges – alternate edges of the coin are grooved.
  • Latent image – similar to a hologram, there is an image which changes from a ‘£’ to the number ‘1’ when the coin is viewed from different angles.
  • Bimetallic – the outer edge of the coin is gold in colour and inner area is silver in colour.

The new Pound Coin

“The new £1 coin will be the most secure of its kind in the world and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer,” said David Gauke, the Chief Secretary to the Treasury.  

The government claim that there are currently around 45 million pound coins in circulation and this new design should combat future imitations. 

Everything from vending machines to shopping trolleys and parking meters will need to be updated but there will be a transition period of around 6 months. During this time businesses will need to find a way to accept both the new and old coins.

What do you think of the new pound coin design?

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This post was written by Kayleigh Driscoll

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