On 28 March 2017 the Royal Mint issued a new £1 coin. Driven by the fact that around four per cent of the current £1 coins in circulation are fakes, the new lighter, twelve sided, two coloured coin has a range of security features.
The government has confirmed that the existing coin will stop being legal tender on 15 October 2017.
How is the new £1 coin harder to counterfeit?
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
Watch the Royal Mint’s video explaining the change
Is the current £1 coin the same weight and size as the new £1 coin?
No. The current £1 coin is 9.5g and the new £1 coin is lighter at 8.75g. The current £1 coin has an edge thickness of 3.15mm; the new £1 coin is thinner at 2.8mm. The current £1 coin is 22.5mm in diameter; the new £1 coin is wider – 23.43mm from point to point and 23.03mm edge to edge.
When will the new £1 coin be introduced?
28 March 2017
What actions should businesses take in preparation for the new £1 coin?
In preparation for the launch of the new £1 coin on 28 March 2017, you should:
- Check whether you operate equipment that handles the £1 coin
- Contact your equipment supplier to find out if you need to make any adaptations or upgrades and by when
- Make the necessary changes to your coin handling equipment; and
- Train your staff on the features of the new £1 coin. Materials to support staff training are available to download for free at www.thenewpoundcoin.com. This includes leaflets and videos
- Agree with your bank or cash in transit (CIT) provider how to return the current £1 coin and new £1 coin during the co-circulation period
When will the ‘round pound’ coin stop being legal tender?
15 October 2017
How should I proceed from 16 October 2017
- All your coin handling equipment should be able to accept the new £1 coin
- You are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
- The round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office*
*check with your bank for more details, including deposit limits.
What support is available to businesses during the transition phase of the new £1 coin?
The Royal Mint is working collaboratively with a number of industries and key businesses to ensure a smooth transition. As part of the business communications campaign free downloadable information is available at www.thenewpoundcoin.com to assist business owners with planning for the launch and transition period.
More details can be found on the New Pound Coin website; http://www.thenewpoundcoin.com/