A new £1 coin features four emblems to represent each of the nations of the United Kingdom – the English rose, the leek for Wales, the Scottish thistle, and the shamrock for Northern Ireland – emerging from a single stem within a crown. The Royal Mint says that the new coin will enter circulation from March 2017. In a six-month period the existing £1 and the new £1 coins will co-circulate.
Why replace the old one, which itself replaced the £1 note? The Mint says the current £1 coin has been in circulation for over 30 years, which is much longer than the normal life cycle of a modern British coin. All high value coins need occasional redesign to keep one step ahead of counterfeiters. Over time the £1 coin has become increasingly vulnerable to counterfeiting, the Mint admits; in more recent years there has also been a rise in the quality of counterfeits.
Comment
At the trade body the Association of Convenience Stores, ACS chief executive James Lowman said: “81 per cent of transactions in convenience stores are cash based and many retailers utilise coin operated machines for services like coffee and through self-service tills, so we expect some disruption in stores as employees and the public get used to the new £1 coin and while stores go through the process of adapting their machines. We are working with the Bank of England to communicate changes to retailers and ensure minimal disruption.”
Spec
The new £1 to be issued from 2017 will be a 12-sided, bi-metallic, bi-colour coin with milled edges. It will weigh 8.75g and will have a diameter of 23.43mm from point to point (23.03mm edge to edge). The edge thickness will be 2.8mm and the metallic composition is: nickel-brass outer; nickel-plated solid alloy inner. If you would like to receive more information about the new £1 coin email your business contact details to [email protected]. Samples of the new £1 coin are now available. Samples will only be issued to industry stakeholders who can provide a demonstrable requirement for upgrading coin handling equipment.
