Newham Council has already announced it has spent thousands adapting its car parking machines to take the new pound coin. Across the country, business will spend millions to do the say.
The Royal Mint says they’ll make their money back eventually because the new super-secure 12-sided pound is so difficult to forge, with one in 30 “round pounds” fakes.
Their days are numbered. From March 28, new 12-sided pound coins will enter circulation and by November the old pound coins, which started life in 1983, will be dead currency.
Here’s everything you need to know
What are the key dates?
The new coin will be introduced from March 28, and the old one ceases to be legal tender on October 15.
You can take them to a bank before that date and they will switch them. After October 15, the Bank of England in London should still swap the currency for you at their cash desk.
Britons have about £1.3billion of coins stored in jars and money boxes so it's worth picking out the pound coins before your savings lose instant value.
What’s different about the new pound?
It is 12-sided, thinner, wider and the “most secure coin in the world”. It's modelled on the old threepenny bit.
What makes it so secure?
- It’s 12 edges make it distinctive.
- The coin – like a £2 – is bimetallic, with two types of metal - nickel-brass and nickel-plated alloy. Its outer ring is gold-coloured and inner ring is silver-coloured.
- A “latent image” reflects a £ symbol at one angle and a number ‘1’ from another point.
- There is micro lettering around the coin’s rim. On the heads side the lettering reads: ONE POUND, and the tails side will feature the year the coin was produced.
- There is a hidden high security feature built into the coin –but the details have been kept a secret.
What will happen to vending machines and supermarket trolleys?
Engineers will be sent out to upgrade machines, some have to be removed but others can be fixed on site. Trolleys will be adapted to fit the new and old coins – so trolley token should still work.
Changing shape – new v old
Diameter: 23.43mm v 22.5mm
Thickness: 2.8mm v 3.15mm
Weight: 8.75g v 23g
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