New 12-Sided £1 Coin replaces Old Round Pound

A new 12-sided £1 coin will release soon to replace the old “round pound” style. The new coin will start circulation from 28th March 2017 and will initially coexist with the old pound.

However on 15th October 2017, the old “round pound” will no longer act as legal tender. Therefore, the Royal Mint advises owners of the old £1 style to spend them in shops or return them to the bank. They must do this before the October date.

The Royal Mint expects the new 12-sided £1 coin to help tackle the increasing number of counterfeits in the UK. Reports suggest 45 million coins in the country are fake.

Therefore, the Royal Mint described the 12-sided pound as “the most secure circulating coin in the world”.

Made at the Royal Mint in South Wales, reports say 3 million are made per day.

The coin contains several technological features, including a hologram. The hologram will change from a “£” sign to a “1” depending on the angle you look at it.

The Royal Mint also designed the 12-sided style with two types of metal; gold-coloured nickel-brass and silver coloured nickel-plated alloy. Also containing hidden security features, all these designs make difficult it to replicate.

As the new style enters into circulation, it may be a few days before you actually see it yourself as it gradually enters into the general public’s pockets. And there will be a few teething issues between March and October. Businesses will need to alter their equipment so it can accept the new coin.

Tesco, one of the biggest UK supermarkets, will unlock their shopping trolleys for customers with the new style. The company will upgrade their equipment in order for the trolleys to accept the new coin.

A spokesperson for the company reassured customers not to worry. He said: “We will continue to have colleagues on hand to attend trolleys in our stores, so our customers aren’t affected by the changes.”

Be on the lookout for the new £1 coin, starting from 28th March 2017.