The new one pound coin will be going into circulation soon. Here are a few facts about the new tender and what you should doing with your old coins.
On March 28 the new one pound coin will be coming into circulation and you have until October 15 to spend the old coins, or return them to the bank, before they’re no longer legal tender.
The one pound coin is being replaced for the first time in 30 years because of its vulnerability to counterfeiters.
The Royal Mint said: “Approximately one in thirty £1 coins in circulation today is a counterfeit. We are introducing a new, highly secure coin to reduce the costs of counterfeits to businesses and the taxpayer.”
The new coin has features that make it difficult to counterfeit. Its 12 sided, has grooved edges on alternate sides, and it has a high security feature built into the coin to protect it from counterfeiting in the future.
Its new features give it a unique appearance: it’s thinner and slightly lighter than the old pound coin, but it is larger in diameter than the original pound coin.
— HM Treasury (@hmtreasury) February 23, 2017
However, the coin has not gained much support from the public:
The new one pound coin is dread looking like a hexagon😂
— Oak (@Oakeyy_17) February 22, 2017
The new dimensions of the coin means that certain businesses will need to adopt new machines and have them upgraded.
The Royal Mint said: “Many will have upgraded their machines to accept the new £1 coin, however, not all machines will work with the new coin from the date of introduction.”
If you are unsure about your equipment, Royal Mint advises that you talk to the equipment owner.
If you have any further questions, visit: http://www.thenewpoundcoin.com/