Search

Everything you need to know about the new £1 coin

PUBLISHED: 08:20 28 March 2017 | UPDATED: 08:20 28 March 2017

The new new 12-sided £1 coin, which will start to enter circulation on Tuesday, as the old

The new new 12-sided £1 coin, which will start to enter circulation on Tuesday, as the old "round pound" will not be around for much longer. Picture Martin Keene/PA Wire

There’s a new quid on the block as of today. Here is what you need to know about the new £1 coin and how it will affect you:

Why is it being introduced?

There have been concerns about the old round pound’s vulnerability to sophisticated counterfeiters - around one in every 30 round pounds is a dud. For this reason the new £1 coin boasts new security features.

What security features does the new £1 coin have?

The features include its 12-sided shape, its bi-metallic structure with a gold-coloured outer ring and a silver-coloured inner ring and an image that changes from a “£” symbol to the number “1” when seen from different angles. It also has micro lettering, milled edges and has been dubbed the most secure coin in the world.

What other features does it have?

The coin’s design reflects England, Scotland, Wales and Northern Ireland, with a rose, a thistle, a leek and a shamrock. The fifth coin portrait of the Queen, designed by Royal Mint coin designer Jody Clark, is featured. The coin is thinner and lighter than the old coin but its diameter is slightly larger.

How do I get the new coins?

Once they’re in circulation they will start to be used in preference to the old versions, so as you spend or withdraw money you’ll get the new coins instead of the old ones naturally.

Will the new coins work in things like self-service and vending machines?

Preparations have been underway for a number of years to get ready for the new coins so there shouldn’t be too many problems. However not every machine will have been adapted ready for the first day of the new coins, and some machines may be able to accept either the old coins or the new coins, but not both. Businesses should let customers know how they are able to make payments.

What is happening to the old coin?

There is a period of just over six months when the old round pound will still be accepted as legal tender alongside the new coin. People are being encouraged to return their coins before October 15. They can bank them or spend them. Some of the new £1 coins will be made from melted-down round pounds.

Are there any valuable old-style £1 coins to look out for?

Apparently not. While some denominations do have rarer versions which could see them fetch more than their face value, the old £1 is not one of them.

Other News

42 minutes ago

GoGoHares fever will be hitting Great Yarmouth this week thanks to a team-up between a skip hire company, an artist and two creative youngsters.

09:55

Disabled motorists have slammed as “selfish and ignorant” drivers who flout the law by illegally parking in designated disabled bays.

Pubs and venues in Norfolk erupted in cheers as England secured their place in the final 16 following a 6-1 World Cup win over Panama.

Yesterday, 17:00

A headteacher praised the community spirit as hundreds of people turned out for a special event.

Most Read

Yesterday, 17:00

A headteacher praised the community spirit as hundreds of people turned out for a special event.

Read more
Norfolk County Council
Yesterday, 12:38

The largest boat to navigate the River Yare in 30 years has embarked on the voyage from Norwich to Great Yarmouth this morning.

Read more
Broads Authority
Wednesday, December 31, 2014

A 24-year-old woman is wanted by police after breaching the terms of her licence.

Read more

Pubs and venues in Norfolk erupted in cheers as England secured their place in the final 16 following a 6-1 World Cup win over Panama.

Read more
United Kingdom
Saturday, June 23, 2018

Plans to introduce a clampdown on rogue and unethical landlords in Great Yarmouth have met stiff opposition from a landlord association.

Read more
Great Yarmouth Borough Council

Local Weather

Sunny

Sunny

max temp: 25°C

min temp: 10°C

Show Job Lists

Digital Edition

cover

Enjoy the Great
Yarmouth Mercury

e-edition today

Subscribe

Newsletter Sign Up

Great Yarmouth Mercury weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy