New 12-Sided £1 Coin replaces Old Round Pound

Janie Parker
March 29, 2017

The new coins have been made at the Royal Mint in Llantrisant, South Wales, at a rate of three million per day.

If you've ever seen (and not kept) a two-pence piece which is made of the metal you'd expect in a 10p, you may want to kick yourself. It is 12-sided, with grooves on alternate sides, and includes micro-lettering on an inner rim which reflects the year of production. But surely this is something that the Royal Mint already holds on the new £1 coin, as they are the only organisation authorised to bring it into circulation within the United Kingdom?

Today, March 28, the Royal Mint will release 300 million new £1 coins.

The Automatic Vending Association (AVA) said all there vending machines will be able to accept the new coin by the end of the transition period.

Will it work in vending and parking machines - as well as supermarket trollies? Around 1.5 billion of the new coins will be struck.

A new £1 coin has gone into circulation in the United Kingdom - and Brits are trying to guess what the top-secret security measure in the piece of money is.

The 12-sided coin is now legal tender in the United Kingdom and is hoped to combat the problem of counterfeit coins. A lot of talks have been taking place with operators of vehicle parks, gyms, vending machines and others who use £1 coins, to help them adjust to the new coins.

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The new £1 coin is bi-metallic - a gold-coloured ring around a silvery core.

Kew Gardens 50p coins commonly sell for £50 each on eBay - although there are always optimistic sellers listing them for far more.

Minting technology has come on significantly since £1 coins were introduced in 1983, and the availability of materials is much wider, so counterfeiting is more common than it is used to be. They may find themselves rifling through their wallets for an old round pound. Bullion Exchanges offers the coin in the original mint blue velvet box, as well as PCGS & NGC certified cases.

While the new coin is roughly the same diameter as the current coin, its shape, weight and thickness are different - all features that affect the extent of the upgrade required for coin-operated equipment such as lockers, parking meters and vending machines. Towards the back end of past year, we were able to get sample coins to start the reprogramming process. It was designed by 17-year old David Pearce whose "refined" montage bested 6,000 entries in an open competition organized by the Royal Mint in 2015.

Launched in 1983, it turns out that the round pound is relatively easy to forge, with the Government estimating that there's now around 45 million counterfeit £1 coins in circulation in the UK.

They described updating the vending machines as a "major operation" and estimated that it would cost the industry £32m, but said they supported the actions taken to reduce the level of fake coins.

Other reports by TheDailyFarc

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