Published on December 7th, 2016 | by Michelle Roper-Shaw0
Be Ready for the New Pound Coin
A new twelve sided pound coin will come into circulation in March 2017. It replaces the current pound coin that was introduced over thirty years ago.
The new design sees the first major change to the pound coin design since it entered circulation to replace the old green pound notes in 1983.
When the new pound coin enters circulation in March 2017 there will be a “co-circulation period” between March and September 2017. After this, the old pound coin will no longer be accepted by businesses. However, the old coins will still be able to be deposited at Post Offices and most high street banks.
Businesses Advised to be Ready for the New Pound Coin
The Royal Mint advises that businesses should check their existing equipment such as cash and ticket machines, to determine whether they need to be updated. They also suggest that staff should be trained on the new features of the £1 coin.
A new website has been launched with details of the new coin and how businesses should prepare.
Key Features of the New Pound Coin
The main reason for the change in the design of the pound coin is its vulnerability to fraud. It is estimated that one in thirty pound coins is a counterfeit.
Multi sided coins such as the 50p and 20p are more difficult for counterfeiters to copy. Therefore, the new twelve sided pound coin is more secure and will reduce the cost of counterfeits. It is also slightly larger than the current pound coin. Its diameter is 23.43mm, compared with the current £1 coin which has a diameter of 22.5mm.
Like the current £2 coin, the new pound coin is made from two metals. The outer ring is gold coloured nickel brass and the inner ring is silver coloured, nickel plated alloy. Its distinctive twelve sided shape ensures it is instantly recognisable, even by touch.
Further security features include:
A secret image, known as a latent image, similar to a hologram that alters from the £ symbol to a number 1 when the coin is viewed at different angles.
Micro-lettering on the lower inside rim of each side of the coin.
Milled edges on alternate sides of the coin.
There is also a further hidden high security feature built into the coin to prevent future counterfeiting.
New Pound Coin Design
The coin design was created by David Pearce, who at 15 years old won a national design competition. It shows the English rose, Welsh leek, Scottish thistle and Northern Irish shamrock.
On the reverse of the coin is the fifth coinage portrait of Her Majesty the Queen, designed by the Royal Mint’s designer Jody Clark.
Here at the Post Office Shop we have a wide range of collectible and commemorative Coins . This collection includes various Base Metal coins celebrating prestigious events and anniversaries to treasure for years to come.