5 Facts About the New £1 Coin
Did you know that one in thirty £1 coins in circulation today are counterfeit?
Considering that there’re an estimated 1.55 billion one pound coins in circulation today, this would mean that 51,66,667 of those are counterfeit! To combat this, the Royal Mint have developed a new and highly secure coin, not only making it harder for counterfeiters to replicate but it will also reduce costs for businesses and taxpayers.
After the all new fiver, The Royal Mint are now preparing to launch the new coin into circulation in March 2017 – and it is said to be the most secure coin in the world. There will be a six-month transition period between March and October 2017 when both the new and old £1 coin will be accepted as forms of payments, but after October 2017, the old coin will no longer be accepted as legal tender, in essence, it will be demonetised. However, people will still be able to deposit them at their local banks.
Anyway, here are some quick facts you need to know…
This new coin is the first 12 sided coin since the 3 penny bit (1547-1970).
It’s supposedly the most secure coin ever designed, with its hidden high-security feature to protect it from counterfeiting.
The coin is made out of two ‘Euro coin’ styled colours – the outer ring is gold colours (nickel and brass) and the inner ring is silver coloured (nickel-plated alloy).
It will be thinner and lighter than the existing coin but slightly larger.
It’s the Queen’s fifth coinage portrait.