After years of research the new £1 coin is about to be introduced in the UK. The Royal Mint has announced that the new coin will be introduced on the 28th of March 2017. The Royal Mint will be producing a staggering 1.5 billion shiny new coins. So much for those who claimed that cash is dead… So what’s all the fuss about with the new coin? Here are 10 facts about the new £1 coin:
Unsurpassed security – No coin is 100% counterfeit proof but the new security features of the new £1 coin make it very, very difficult to counterfeit.
It’s 12-sided – the new coin has 12 sides making its distinctive shape instantly recognisable, even by touch.
Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).
Holographic image – The image in the centre of the coin changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.
Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.
Milled edges – it has grooves on alternate sides.
Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.
Thickness: 2.8mm – it is thinner than the current round £1 coin.
Weight: 8.75g – it is lighter than the round £1 coin.
Diameter: 23.43mm – it is slightly larger than the round £1 coin, the maximum diameter (point to point) is 23.43mm.
So, what else do you need to know about the new £1 coin? According to the Royal Mint, the main issue is security. Did you know that around one current £1 coin in 30 is counterfeit? This is the problem that requires tackling. This is the first time in over 30 years that the round £1 coin is being replaced. This coin has become vulnerable to sophisticated counterfeiters and therefore action is required. Also, counterfeit coins create unnecessary costs for businesses as well as the taxpayer.
So, March 28th marks the start of the period of co-circulation for the new coin. This means that for six months, the old round coin and the new one will both be in circulation. From 16th October 2017 the old £1 round coin will cease to be legal tender. For more information, please click here.