New £1 coin available today
Effective today (28 March 2017) the £1 coin is being replaced for the first time in over thirty years with a new design. The new coin is being introduced by the Bank of England to reduce the costs of counterfeits to businesses and the taxpayer.
The new coin has a number of features that make it much more difficult to counterfeit.
- 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. 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.
The legal tender status of the round £1 coin will be withdrawn on 15th October 2017. From this date shops will no longer accept these coins, but you will still be able to take them to your bank. The Bank of England is encouraging people to use your old coins or return them to your bank before 15th October.
How can you identify an (old) counterfeit £1 coin? Information at: www.royalmint.com/discover/uk-coins/counterfeit-one-pound-coins
Further information on the new £1 coin: www.thenewpoundcoin.com