The humble round pound coin has been around since 1983 but this year it will cease to be legal tender with the introduction of a new 12 sided replacement.
Business will need to prepare for the new coin which we’ll see in our change from 28th March. Both the old round pound and the new dodecagon (a 12 sided shape) pound will be used side by side until 15th October 2017. For most of us it will be a simple mental adjustment but for many firms they will need to recalibrate vending and ticket machines during the transition period so we should be prepared for either the old or new coins for car parks and dispensers.
The new coin has a host of security features are being introduced with the hope of cutting down on the tens of millions of pounds of counterfeit £1 coins currently in circulation, estimated to be around 3% of the golden coins residing in our pockets and purses.
Anti fraud measures incorporated in the new coin include bimetallic construction, milled edged, micro lettering, and a clever hologram style engraved image that changes from a number 1 to a £ pound symbol when you rock it. There is also said to be a top secret special security feature, variously claimed to be a special magnetic signature, a radioactive microparticle, or a reaction to graphite pencil rubbed over the Queen’s crown.
For more information visit the Royal Mint’s dedicated website at www.thenewpoundcoin.com.