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Andrew Stuckey•May 18, 2020
As of March 28th 2017, a new £1 coin will be entered into circulation in the UK. The new 12-sided £1 coin is set to be the most secure coin ever produced, meaning it’ll be harder to illegally counterfeit than the current ‘Round Pound’ that we’ve become so familiar with since it replaced the £1 note over 30 years ago.
How often have you inserted a pound into a vending machine, only for it to be spat out over and again? Well, it’s probably a counterfeit! In fact, around one in every 30 round pound coins in your change in recent years has been fake.
The brand-spanking new £1 coin will set the record straight – it’ll feature a super cool state of the art ‘hologram’ where the £ symbol changes to a 1 at different angles and is made up of two metals (bi-metallic) a gold outer ring and silver inner, similar to the current £2 pound coin we see today.
The new £1 coin will be slightly thinner too, but its diameter is slightly larger. Other features include micro-lettering, milled edges and a hidden high security feature to protect it from counterfeiting in the future.
What does this mean for the old £1 coin?
The new £1 coin will see the end of the round pound as we know it. After 15 th October 2017, the round pound will no longer be legal tender so if you’ve got old round pound coins in your wallet, piggy banks or hidden down the back of your sofa, dig them out and spend them before they become useless. Experts predict that there is a whopping £433 million worth of round pound coins hidden away, so make sure to dig deep!
You will still be able to bank old pound coins at your bank or post office after 15th October, just make sure to check their policies on depositing limits.
Of the coins that are returned, some of them will be melted down and reused to make the new £1 coin at the Royal Mint in Llantrisant, Wales. It’s estimated that they’ll make over 1.5 billion new £1 coins at a rate of 2,000 each minute, so you’ll be sure to see them appearing in your change very soon.
What will happen to coin machines?
All retailers that use coin operating machines such as vending machines, trolleys, self-service check outs, parking meters etc. are being encouraged by the government to get ready for the big change. As of October 15th, all coin handling equipment should be able to accept the new coin.
From this date, retailers will no longer accept or distribute the old £1 coin over the counter or in coin operating machines, and until then, retailers will have to make necessary adjustments to make it clear to consumers which machines can accept the new £1 coin.
So what are you waiting for? Check the back of your sofa, rummage through your old jeans, smash open your piggy bank and grab hold of your old round pounds before it’s too late.
Have you found your pound? Share your stories with us on Facebook or Twitter using the hashtag #FoundAPound. The 118 118 Money boys are on their way down to the barbers to trim their moustaches! How will you spend yours?
Sources:
FAQs
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).
What is the rarest 1 pound coin? ›
ChangeChecker.org has created a graph of 24 pound coins, scaled on a “Scarcity Index” from 100 to 1 – the higher the number, the rarer the coin. The rarest of these is the Edinburgh City design, which came into circulation in 2011, and gets the highest score possible on the index.
Is a 1983 one pound coin worth anything? ›
Is it worth much more than face value? No. Unless it's in uncirculated condition and it's a rare edition, then it's only worth £1, and that's only if you can get to a British bank to pay it into your bank account as the old round pound coins are no longer legal tender.
What is the error on the 2017 one pound coin? ›
Very Rare 2017 £1 Pound Coin Royal Mint Error - Misprinted Circle Queens Head. This is a misprinted coin, minted with an extra circle around the queens head. Very collectible and highly sought after.
Is 1 pound coin still valid? ›
Now you're probably wondering whether that old round coin you've found can still be used. Well, unfortunately, the old 1 pound coins are no longer legal tender, and this has been the case since 2015.
How old are the new pound coins? ›
Released on 28 March 2017, the new £1 features a range of overt and covert security features that, when combined, protects it from increasingly sophisticated counterfeit operations, making it the most secure coin in the world.
What is the most worthless coin in the world? ›
Tiyin
| Value | 0.01 Uzbekistani soum |
| Mass | 1.75 g |
| Diameter | 16.9 mm |
| Obverse |
|---|
| Reverse |
|---|
5 more rows£100 gold coins
There are many gold commemorative and bullion coins with a face value of £100. These include the gold Queen's Beasts series, gold Lunar New Year series and gold Royal Arms coins. The most popular, and best known £100 gold coin is the gold Britannia.
What is the most valuable coin on earth? ›
1849 Double Eagle Gold Coin
The 1849 Double Eagle is currently the rarest and most valuable coin in the world, with an estimated value of around $20 million.
Are 1983 D pennies rare? ›
This was the year that the mint was supposed to make all the pennies out of the new copper plated zinc planchets. Word has it that some of the copper planchets from 1982 or before were left over and somehow got fed through the press to create a very rare variety of 1983 D penny which was copper.
The 1983-P Washington Quarter is a common date since the Mint produced them in mass quaintities. However, in high grae condition the 1983-P ranks as one of the tougher issues in the Clad Washington Quarter series. In MS66 condition they are very scarce with less than 500 known.
How much is a 1983 $200 coin worth? ›
Browse our catalog of Gold Coins below:
| Coin Name | Price | Status |
|---|
| 1983 Two Hundred Dollar Gold Coin Unc Koala | $1,050.00 Last sold for this price on 5/4/2024 | Sold |
| 1983 Two Hundred Dollar Gold Proof Coin Koala | $950.00 Last sold for this price on 18/10/2023 | Sold |
71 more rowsIn 2017, following reports by Change Checker and in the national press that a die mix up at The Royal Mint resulted in a number of 12 sided £1 coins being struck with dual-dates, The Royal Mint officially confirmed the error. However, this is one of the hardest errors ever to spot.
What is the misprint on the 2016 1 pound coin? ›
This 2016 £1 One Pound Coin displays an interesting error that collectors will find intriguing. The Royal Mint produced this coin with a partial collar error or mis-strike, resulting in a unique piece for coin enthusiasts to add to their collection.
Why is there a new pound coin? ›
The main purpose of redesigning the coin was to combat counterfeiting. As of March 2014 there were an estimated 1,553 million of the original nickel-brass coins in circulation, of which the Royal Mint estimated in 2014 that just over 3% were counterfeit.
What is the Elizabeth 1 pound coin? ›
The British one pound (£1) coin is a denomination of sterling coinage. Its obverse bears the Latin engraving ELIZABETH II D G REG (Dei Gratia Regina) F D (Fidei defensor) meaning, 'Elizabeth II, by the grace of God, Queen, Defender of the Faith'.
What is the new UK coin? ›
The brand-new coins feature wildlife designs including the flowers of the four nations, bees, a salmon, a puffin, a capercaillie, oak leaves and acorns, a red squirrel and a dormouse. Together they represent themes of conservation, something that is close to the King's heart.
Which UK coins are no longer valid? ›
Withdrawn coins: farthing, pre-decimal halfpenny, pre-decimal large penny, threepence, sixpence, shilling, florin, decimal half penny and larger versions of 5p, 10p and 50p coins. Gold and silver coins if their weight has become less than the specified weight.
