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Secure icon The most secure coin in the world

The new coin has a number of features that make it much more difficult to counterfeit.

12-sidedits distinctive shape makes it instantly recognisable, even by touch.

Bimetallicit is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).

Latent image it has an image like a hologram that changes from a ‘£’ symbol to the number '1' when the coin is seen from different angles.

Micro-lettering  it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.

Milled edges it has grooves on alternate sides.

Hidden high security feature a high security feature is built into the coin to protect it from counterfeiting in the future.

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Pound coin image

Bold icon State-of-the-art

The coin’s design reflects the United Kingdom’s heritage and superb craftsmanship.

Made by The Royal Mint the coin is produced by The Royal Mint using cutting-edge technology developed on its site in South Wales.

Bold new design it also features a new design that shows the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet. This was created by David Pearce who won a public design competition at the age of 15.

The fifth coinage portrait the fifth coin portrait of Her Majesty the Queen, designed by Royal Mint coin designer Jody Clark, is featured on the coin.

Pound coin shadow
Pound coin image

Smart icon Changing dimensions

The new 12-sided £1 coin’s dimensions are different from the current round £1 coin.

Thickness: 2.8mm it is thinner than the round £1 coin.

Weight: 8.75g it is lighter than the round £1 coin.

Diameter: 23.43mm  it is slightly larger than the round £1 coin, the maximum diameter (point to point) is 23.43mm.

Why replace the £1 coin?

The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.

Approximately one in thirty £1 coins in circulation is a counterfeit. 

That is why we are introducing a new, highly secure coin in March 2017 to reduce the costs of counterfeits to businesses and the taxpayer.

For more information on how to identify counterfeits of the current round £1 coin please click here http://www.royalmint.com/discover/uk-coins/counterfeit-one-pound-coins

How will it affect my business?

All businesses which handle cash will need to prepare for the:

  • introduction of the new £1 coin;
  • co-circulation period, when the new £1 coin and the old £ coin are in circulation at the same time; and
  • demonetisation, when the current £1 coin is no longer legal tender.

Important dates

October 2016 to March 2017

Preparing for the new £1 coin

  • check whether you operate equipment that handles the £1 coin.
  • contact your equipment supplier to find out if you need adaptations or replacements and by when.
  • make the changes to your coin handling equipment.
  • train your staff on the features of the new £1 coin.
  • consider any changes to your cash handling processes e.g. counting, storing and banking during the co-circulation period.

March 2017 to September 2017

Co-circulation period

  • you can accept both coins from your customers.
  • your equipment may be able to accept or dispense both £1 coins or just one. Please check with your equipment suppliers.
  • you will need to tell your customers which coins your equipment can accept.
  • you should make arrangements with your bank or cash in transit (CIT) provider to return the current £1 coin and new £1 coin in separate packaging.

Autumn 2017

Demonetisation

  • all your coin handling equipment should be able to accept the new £1 coin.
  • you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
  • the round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office*

    *check with your bank for more details, including deposit limits.

Timeline

Explore the timeline by clicking through the key dates below

31 October 2016

Business training resources available

March 2017

New 12-sided £1 Coin launched and co-circulation period begins.

Autumn 2017

Current round £1 coin demonetised.

Frequently Asked Questions

The current £1 coin is being replaced for the first time in over thirty years because it has become vulnerable to sophisticated counterfeiters. 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.

HM Treasury, with the support of The Royal Mint, identified and engaged stakeholders that would be affected by the introduction of the new £1 coin. HM Treasury launched a ten-week public consultation on 12 September 2014.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/413929/PU1775_cover___prelims__FINAL_.pdf

Anyone wanting to learn more about the coin should visit www.thenewpoundcoin.com.  The launch date and features of the new £1 coin will be communicated to the general public from January 2017.

The new coin has a number of features that make it much more difficult to counterfeit, including:

  • 12-sided - its distinctive shape makes it instantly recognisable, even by touch;
  • Bimetallic - it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy);
  • Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number '1' when the coin is seen from different angles;
  • Micro-lettering - it has very small lettering on the lower inside rim on both sides of the coin;
  • Milled edges - it has grooves on alternate sides; and a
  • Hidden high security feature – A high security feature is built into the coin to protect it from counterfeiting in the future.

No coin is counterfeit proof. The features that have been included in the new £1 coin ensure the highest available levels of security are in place presenting a significant barrier to counterfeiters. The High Security Feature added by The Royal Mint means that for the first time, 100% accurate automatic recognition is possible on a genuine or counterfeit coin.

No. The current £1 coin is 9.5g and the new £1 coin is lighter at 8.75g. The current £1 coin has an edge thickness of 3.15mm; the new £1 coin is thinner at 2.8mm. The current £1 coin is 22.5mm in diameter; the new £1 coin is wider - 23.43mm from point to point and 23.03mm edge to edge.

The reverse side of the coin, the ‘tails’, shows the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from one stem within a royal coronet. This was designed by David Pearce. David won a public design competition, of over 6,000 entries, at the age of 15. This was adapted by professional artist David Lawrence.

The fifth coin portrait of Her Majesty the Queen is featured on the coin’s ‘heads’ side. It was designed by Royal Mint coin designer Jody Clark. Jody is the first Royal Mint engraver to be chosen to create a royal coinage portrait in over 100 years. His design was selected from a number of anonymous submissions to a design competition.

The new £1 coins are produced by The Royal Mint in Llantrisant, South Wales.

The Royal Mint has consulted with the Royal National Institute of Blind People (RNIB) to assess any impact for the visually impaired in relation to identifying the new £1 coin. User testing showed that the 12 sides of the new £1 coin and the milled edges made it easier to identify.

The precise date will be announced in January 2017.  In the meantime, industry should plan for the introduction of the new £1 coin in the last week of March 2017.

The distribution arrangements for the coin are being agreed and will be confirmed later this year.

Yes, there will be a six month period when the current £1 coin and the new £1 coin are in circulation at the same time. During this time, you can use both coins to make payments.

From the launch of the new £1 coin, the existing £1 coin will begin to be withdrawn from circulation.

Following the six month co-circulation period, the legal tender status of the existing £1 will be withdrawn. For the definition of legal tender click here 

Following demonetisation, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most High Street Banks including RBS, NatWest, Ulster, HSBC, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Halifax, Bank of Scotland and The Post Office.

It may be possible to exchange £1 coins at these banks and the Post Office provided you hold an account with them. Specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly.

In preparation for the launch of the new £1 coin in March 2017, you should:

  • Check whether you operate equipment that handles the £1 coin;
  • Contact your equipment supplier to find out if you need to make any adaptations or upgrades and by when;
  • Make the necessary changes to your coin handling equipment; and
  • Train your staff on the features of the new £1 coin. Materials to support staff training are available to download for free at www.thenewpoundcoin.com. This includes leaflets and videos.
  • Agree with your bank or cash in transit (CIT) provider how to return the current £1 coin and new £1 coin during the co-circulation period.

The Royal Mint is working collaboratively with a number of industries and key businesses to ensure a smooth transition. As part of the business communications campaign free downloadable information is available at www.thenewpoundcoin.com to assist business owners with planning for the launch and transition period.

The Royal Mint and HM Treasury have been consulting with industry, including organisations in the cash services industry, coin handling equipment manufacturers and representative organisations and individual companies in sectors with high cash transactions e.g. retail, transport and leisure industries.

The Royal Mint has made samples of the new £1 coin available to manufacturers and operators of coin handling equipment for the testing, development and implementation of equipment upgrades. Operators of coin handling equipment can view a list of manufacturers who have received samples from The Royal Mint here.

Samples will only be issued to industry stakeholders who require them for upgrading coin handling equipment and who agree to the terms and conditions of use.

Sample coins are representative of the final specification of the new £1 coin. They will not feature the winning reverse design, but are struck featuring The Royal Mint’s crest to clearly identify them as samples. These are not legal tender.

To request samples, please provide an overview of your business and outline the reasons for needing the samples to newonepoundcoin@royalmint.com.

Coin handling equipment includes vending machines, trolleys, parking machines, gaming machines, photo booths, lockers, self-service checkouts and any other machine that weighs, counts, checks, sorts, accepts or dispenses £1 coins.

Please contact your manufacturer or supplier to find out if you need adaptations or replacements to your coin handling equipment.

Operators of coin handling equipment should engage with their manufacturers or suppliers as early as possible to identify when any upgrades can be implemented.

Further information about the new £1 coin is available at www.thenewpoundcoin.com. If you have any further queries please email newonepoundcoin@royalmint.com.

The Bank of England holds responsibility for the issuance of banknotes in England and Wales. You can email any questions to enquiries@bankofengland.co.uk or visit the New Fiver’s website.

Information about Scottish and Northern Ireland banknotes is available from Association of Commercial Banknote Issuers (ACBI) at http://www.acbi.org.uk and the Committee of Scottish Bankers (CSCB) at http://www.scotbanks.org.uk/polymer_banknotes.php.

Using counterfeit coins is illegal. If you have a counterfeit or suspect that a coin may be a counterfeit, please hand it in to your local police station.

Useful Resources

Free training materials are available to download to help your business prepare for the new £1 coin.

Extra Information

Need more information?

For more information about the new £1 coin please email newonepoundcoin@royalmint.com or register your details. We will not pass your details on to third parties.

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