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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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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.

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Pound coin image

Smart icon Changing dimensions

The new 12-sided £1 coin’s dimensions are different from the 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 round £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.

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

We introduced a new, highly secure coin on 28 March 2017 to reduce the costs of counterfeits to businesses and the taxpayer.

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

How will it affect me?

The new 12-sided £1 coin was introduced into circulation on 28th March 2017. 

Businesses across the UK have upgraded their machines to accept the new £1 coin, however, not all machines will work with the new coin.  Some businesses will wait until there are more new £1 coins in circulation than round £1 coins. Based on current estimates this is expected to happen in July 2017. Please talk to the equipment owner if you have any questions.

The legal tender status of the round £1 coin will be withdrawn at midnight on Sunday 15th October 2017.  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 spend, bank or donate your round £1 coins before 15th October.

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 27 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.

28 March to 15 October 2017

Co-circulation period

  • you can accept both coins from your customers but please encourage your customers to spend round £1 coins first.

 

  • to enable banks to process your coins please return your round and new £1 coins in separate bags. When possible bank round £1 coins first. Please visit the FAQs section of this website for more details. 

 

  • your equipment may be able to accept or dispense both £1 coins or just one. Please check with your equipment suppliers and upgrade your equipment.

 

  • you will need to tell your customers which coins your equipment can accept.

 

 

16 October 2017 onwards

Demonetisation

  • you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin. Please update your staff on what they need to do.

 

  • all your round £1 coins should have been banked. However, the round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office*.

 

  • all your coin handling equipment should be able to accept the new £1 coin. If your equipment continues to accept round £1 coins then you may be at risk of being targeted with counterfeit coins.

 

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

 

 

Business Resources

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.

Frequently Asked Questions

General Interest

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 today is a counterfeit. We introduced 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

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
  • 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. For the first time, the High Security Feature developed by The Royal Mint means 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 new 12-sided £1 coins entered circulation on 28th March 2017 and the public will start to see the coins in their change in the following days and weeks.

Yes. Industry has had a number of years to prepare for the upgrade. Many businesses are working hard to make sure that their machines will be ready to accept payments using the new £1 coin. However, this is a significant task and not every machine will be ready on the day of introduction, and due to their internal mechanisms, some machines and equipment will only ever be able to accept either the new 12-sided coin or the existing, round pound coin. Businesses are being encouraged to let their customers know how they are able to make payments.

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.

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

The round £1 coins will be withdrawn from circulation as the new 12-sided £1 coins are introduced. The end of the co-circulation period will be the 15th October 2017. Modelling carried out by Cash Services, the cash industry body, suggests that by July 2017, more than half the £1 coins in circulation will have been switched for the new 12-sided coins.

From the launch of the new £1 coin, the current £1 coin will begin to be withdrawn from circulation as the new £1 coins are introduced.  

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

You should continue to spend any of the round £1 coins you carry as normal. However, if you do have round £1 coins saved in money boxes or jars these should be spent or deposited at your bank before legal tender status is removed on 15th October 2017.

The legal tender status of the current coin will be removed on 15th October 2017. 

Following the ending of legal tender status, 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 round £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.

All commemorative and circulating coins made by The Royal Mint are legal tender. However, only circulating coins are designed to be spent.

Around 1.5 billion new £1 coins are being produced by The Royal Mint. Over 600million 2016 dated new £1 coins have been produced. These, and 2017 dated coins, will be circulated throughout the six month co-circulation period.

This website has a poster and a two minute video which outlines the key features of the new £1 coin and where on the coin you would expect to see them.

The round £1 coins will be sent to The Royal Mint via cash centres across the United Kingdom. As much of the nickel-brass material as possible will be re-used for manufacturing the new £1 coin. Any excess metal will be disposed of through our usual secure channels for scrap coin and materials.

With time, all coins show signs of ageing. Various terms are used to describe this process such as tarnishing, discolouring and toning.  It is a natural process, although the speed at which it progresses depends largely on the environment in which the coins are kept. We’d like to reassure you that they can continue to be used.

Unfortunately, we have observed a number of coins with separated and reversed inners and outers for sale on online auction sites. Our belief is that these have been deliberately manipulated and would remind people that breaking up a UK coin is illegal under the Coinage Act 1971.

The Royal Mint produces around five billion coins each year, and will be striking around 1.5bn new £1 coins.

As you would expect we have tight quality controls in place throughout the production process.

It is expected that due to the high volumes and speed of production variances will always occur in a small number of coins, particularly in the striking process. We’d like to reassure you that they can continue to be used.

If you still have concerns and would like us to take a closer look please email an image of your coin to newonepoundcoin@royalmint.com.

The location of the milling on the sides of the coin is non-specific, so the milled edge can be in a different position in relation to the features of the coin.

Business and Retailers

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.

To enable banks to process your coins during the co-circulation period  please return your old and new £1 coins in separate bags.  For most companies, who make £20 deposits, that will mean separating the old and new coins in the usual clear bags. If you are depositing coins in bulk (£500) the round £1 coins should be in red bags and the new 12-sided £1 coins in purple ones. Your bank can advise you.

The Royal Mint and HM Treasury have been consulting with industry for a number of years, 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.

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.

The Royal Mint has been working collaboratively with key industries and businesses to ensure a smooth transition for a number of years.  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.

Further Information

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.

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