New Shape 1 Coin Launched this March

21 March 2017

New Shape 1

The £1 coin is being replaced for the first time in over 30 years because of its vulnerability to sophisticated counterfeiters, with a new £1 coin entering circulation on 28th March 2017.

The new £1 coin, which was announced by the Chancellor in the 2014 Budget, has the same shape as the 12-sided 3 pence piece or ‘threepenny bit’ and is said to be the most secure coin in circulation in the world.

The Royal Mint estimates that about 3% of all £1 coins (or 45 million) are now forgeries. In some parts of the United Kingdom, it could be as high as 6%. Over the past few years, around 2 million counterfeit £1 coins have been removed from circulation each year and the new, highly secure coin will reduce costs to businesses and the taxpayer.

If you are in possession of any old £1 coins, make sure you start spending them and dig out any lying around in drawers or money boxes as they will cease being legal tender on 15th October 2017.

The Royal Mint says: "From this date, shops will no longer accept these coins but you will still be able to take them to your bank. We would encourage you to use your coins or return them to your bank before October 15."

For more information about the new £1 coin, please visit www.royalmint.com/newonepoundcoin or email newonepoundcoin@royalmint.com.


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