The new £1 coin comes into circulation in one week - here's what you need to know
By Grimsby Telegraph | Posted: 21 Mar 2017
In just over a week's time a new £1 coin will start appearing in your loose change, purses and wallets.
Thanks to its numerous anti-counterfeit security features, the 12-sided coin, is being dubbed one of the most secure in the world.
And with just one week to go before it enters circulation here's what you need to know.
When will the new £1 come out?
The new coin will come into circulation on Tuesday, March 28.
From this date until October 15 the two £1 coins will be in co-circulation and will be accepted by banks and business.
But after the October deadline this will no longer apply.
What are its security features?
According to the Royal Mint, the new coin has a number of features that make it much more difficult to counterfeit, including:
- 12-sided – its distinctive shape makes it 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)
- Latent image – it has an image like a hologram that 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
- 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
When will the old round pound cease to be legal tender?
Savers are being advised to empty their piggy banks and coin jars now to ensure they don't forget any round pounds lying around the house.
You will be able to spend them - or put them in the bank or post office - by Sunday, October 15. After this date they will be rendered useless.
Some banks are extending the round pound deadline, to find out if yours is one of them contact your bank directly.
Why is the old coin being replaced?
The Royal Mint is replacing the round pound because it is vulnerable to sophisticated counterfeiters.
According to the coin makers approximately one in thirty £1 coins in circulation is a counterfeit.
The coin was first launched on April 21, 1983 and since that time the Royal Mint has produced more than 2.2 billion of them.