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The new £1 pound coin becomes legal tender

The new British one pound coin will enter circulation on Tuesday – the first new £1 coin to be released in 30 years.

The 12-sided coin is now legal tender in the United Kingdom and is hoped to combat the problem of counterfeit coins.

Up to four million new pound coins are being made produced per day by The Royal Mint in South Wales.

They will slowly enter the pockets and purses of the public in the coming days and weeks ahead.

Around 1.5 billion new £1 coins are being produced by The Royal Mint, and these will be distributed to banks and retailers over the next six months.

The current round £1 coins, which are prone to counterfeiting, will soon become valueless and will be returned to The Royal Mint to be remoulded into the new shaped coins.

Commercial Secretary to the Treasury, Baroness Neville-Rolfe, said: “This is a giant step forward to help stamp out counterfeit coins and save businesses and the taxpayer millions of pounds every year.

“Today marks the start of the six-month transition period, so I’d urge everyone to make sure they spend, return or donate their old round pounds before 15 October.

“We have been working hard with businesses over the last three years to help make this changeover as smooth as possible.”

Adam Lawrence, Chief Executive of The Royal Mint, said: “It’s an historic day for UK coinage, and one that The Royal Mint has been working towards, together with businesses and industry, for a number of years. From today, the public will start to encounter for themselves the most innovative and secure coin ever produced by The Royal Mint.

“It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come. Staying ahead of sophisticated counterfeiters remains a constant challenge and this coin helps in that battle”.

The public are reminded to return their old £1 coins to the bank before October 15th, as this is the date they will cease to be legal tender.

“I’d urge everyone to make sure they spend, return or donate their old round pounds before 15 October.”
Baroness Neville-Rolfe, Commercial Secretary to the Treasury

  • UF

    Any of you nice Brits who have some of these old round pounds send me a couple will you? They’d make a nice memento for one of your old Yank cousins across the pond.

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