Less than 3 weeks til the New £1 coin is Introduced!
Posted on 9th March 2017 at 15:48
On 28 March 2017, the new £1 coin will come into circulation. This coin is to replace the £1 that has been used for the last 3 decades.
Several unique features are to appear for the new £1 coin:
to be 12-sided,
It’s also to have an image like a hologram that changes a ‘£’ symbol to number ‘1’ when the coin is viewed from different angles.
Why the change?
The current £1 coin has been around for the last 30 years but is now being replaced due to its vulnerability to counterfeiters. The Royal Mint say the new £1 coin will be the most secure coin in the world.
How will it affect you?
Many businesses across the UK take cash as payment and therefore have been informed to prepare for the necessary changes. An example is machines that take £1 coins need to be upgraded to accept the 12-sided £1 coin. Be aware not all machines will work with the new coin initially when the coin is first introduced into circulation.
Between 28th March 2017 to 15th October 2017 businesses can accept both coins from customers. The £1 coin will be withdrawn from circulation on the 15th October 2017 and will lose its legal tender status. This means shops will no longer accept these coins, but banks may still accept them (check with your bank for further details).
The Royal Mint advise to use the round £1 coins you may have, or return them to your bank before the 15th October 2017.
Tagged as: £1 coin
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