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new uk pound coin

New UK pound coin coming
in March 2017

A new 12 sided One pound coin is being launched in March 2017. It will be bimetallic with the outer ring a gold colour and the inner a silver colour.

What's happening to the current round pound coin?

The current round pound coin that first appeared in 1983 will be accepted by businesses and 'in use' until Autumn 2017 alongside the 'new' pound coin. After Autumn 2017 businesses should not accept or redistribute the round pound coins (in change etc) but there will be a period where businesses and consumers will still be able to deposit them at banks and post offices.

Why is the coin being changed?

The round pound coin is being updated to try and combat counterfeiting. It is estimated that more than 3% of the current round pound coins in circulation are actually fake. The new coin will feature a latent image (like a hologram) that will show a '1' or a '' depending on how you hold/ look at the coin, milled edges, micro lettering and a hidden security feature.

What does this mean to the consumer?

Really just the novelty of a new coin, but also the peace of mind that those pound coins you have been given in change are actually almost certainly genuine and thus unlikely to be rejected when you come to re-spend them etc etc.

What does this mean to business?

Very little to most cash handling businesses except that they may need to make their staff aware about the change and ensure they can identify the new coin correctly after March 2017. It is however more of an issue for businesses that use coin opperated machines such as vending or ticket machines as they will need to ensure that these machines are capable of not only accepting the new coin come March 2017, but also the 'old' or current coin for the 6 months or so that will be the transition period.

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