UK

New One Pound Coin Release Date Is Almost Upon Us

Get your quids in.

27/03/2017 11:21 BST | Updated 27/03/2017 15:16 BST

The new one pound coin will be entering circulation and sliding in and out of our collective wallets from Tuesday 28th March.

The 12-sided coin will be the most secure in the world, boasting several new security features including a hologram, to prevent counterfeits which cost taxpayers and businesses millions every year.

This is the first time a new one pound coin has been introduced in over thirty years.

PA Wire/PA Images
The new one pound coin will enter circulation on Tuesday

Shopping trolleys at Tesco’s biggest supermarkets will be left unlocked while Asda, Morrisons and Sainsbury’s have said their trolleys will accept both the old coins and tokens and the new ones.

Vending and ticket machines will reportedly be able to take the new coins after a software upgrade. It’s not yet clear if there will be problems with lockers at gyms and sports centres, which currently accept the round coin.

Around £1.3 billion worth of coins are stored in savings jars across the country, and the current one pound coin accounts for almost a third of these.

As a result of the change, the estimated £433,333,333 pound coins in jars will expire on midnight 15 October 2017. 

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Many millions more will be lost to coins lying about in pockets and down the back of sofas.

In May 2015, a survey by the Royal Mint found that one in 40 (2.55%) of all pound coins were actually fake.

What the coin’s makers will tell us is the myriad of benefits the system can achieve...

  • It will reduce costs by replacing expensive clad and homogeneous coins with a more affordable full-plated option.

  • It will generate lifetime cost savings through unmatched durability, lasting up to 30 times longer than an equivalent value banknote.

  • It will have considerably lower replacement frequency than other plated coin types.

  • Both robust and secure, its issuance protects the reputation of a country, projecting a positive image of the nation and its economy.

The Treasury said cash-handling businesses must:

  • check whether they operate equipment that handles the £1 coin.

  • contact their equipment supplier to find out if they need to make any adaptations or upgrades.

  • make the necessary changes to their coin handling equipment.

  • train their staff on the features of the new £1 coin.

  • make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.