What You Need To Know About The New One Pound Coin

Well, quite frankly, it looks like the secret love child of the £2 coin and a 20p – the new one pound coin is coming in March 2017!

Businesses are being told to adapt their equipment and get their staff trained in preparation for the new one pound coin.

Any machine taking cash, whether that be for a can of coke or a train ticket, will need to be updated.

However, for the six months transitional period businesses are going to have to find a way to accept both the old and the new.

After that, the existing pound coin will be phased out and condemned to the history books.

new one pound coin

Counterfeit city

The new pound coin is being introduced to cut down on counterfeit fraud.

According to the Royal Mint around one in thirty pound coins in circulation is a big, fat fake.

Just like the new fiver, the new one pound coin has been designed to be much harder to counterfeit.

How is the new coin more secure?

So what have those guys down at the mint done to make this pound coin so much more counterfeit proof than its predecessor?

  • The new coin is 12 sided, meaning its distinctive shape makes it stand out by sight and touch
  • It’s bimetallic with the outer ring gold coloured (nickel-brass) and the inner ring silver coloured (nickel-plated alloy).
  • It has a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.
  • Micro-lettering around the rim on the heads side of the coin reads: ONE POUND. On the tails side you can find the year the coin was produced
  • It has milled edges with grooves on alternate sides
  • It has a super secret, hidden high security feature to protect it from counterfeiting but details of it have not been revealed

When is the old pound defunct?

After Autumn 2017 businesses will officially stop accepting the old pound coin, so any you still have knocking around should be taken to the bank and exchanged for a new one.

What do you think of the new look one pound coin?

Thinking Thrifty

Thinking Thrifty

David Naylor is the editor of the Thinking Thrifty blog. An award winning personal finance and lifestyle blogger, he shows how it is possible to live extremely well for less.
Thinking Thrifty
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