The new £1 coin comes into circulation in March this year and it is a striking example of how money is evolving and changing. The new coin is dubbed one of the most secure in the world due to a string of security features which are aimed at reducing the risk of counterfeit coins being produced. The change is predominantly due to counterfeit coins, as it has been found that approximately one in thirty of the current £1 coins in circulation today are counterfeit.
The coin has a whole host of distinctive new features, one of which is the new 12-sided design. The coin also has a hologram which is aimed at being a deterrent for counterfeit coins, as the hologram changes from a '£' symbol to the number '1'. Its predecessor, the 'round pound' coin, was introduced in 1983 and replaced the old £1 notes that some may remember. For anyone wondering what will happen to the round £1 coins, they'll cease to be legal tender on October 15 this year, so people who have squirreled them away in piggy banks are advised to either spend them or bank them.
Money as we know it is evolving and the new coin is the second currency revamp we've had in the past year, after the polymer five pound note was introduced in September. The new polymer £10 note will be circulated in the summer and the £20 note will be in circulation in 2020, however a decision is yet to be made as to whether the £50 note will follow suit with a polymer version and this has created speculation that the note might be pulled from circulation all together. The change from paper to polymer was due to polymer being more secure, cleaner and more durable than paper notes, so they're less likely to fall apart if you accidentally put it in the wash with your jeans.
Limited edition coins have been produced in the past and they're useful insights into how important money can be to people, and not just for the most obvious reasons. Limited edition 50p coins were produced last year in celebration of the 150th anniversary of Beatrix Potter's birth and they proved to be a hit, with many people collecting the coins as a keepsake. Some have also been selling them in online auction sites and some have been selling for hundreds of pounds. Limited edition £2 coins were also released into circulation last year to coincide with the 400th anniversary of the death of William Shakespeare. Three designs were released to honour Shakespeare's comedies, tragedies and historical works and they also proved popular with collectors alike.
There's one thing that keeps all coins and notes uniform, even if they have a design revamp and that is the image of Queen. Elizabeth's profile. However, when the Queen dies, how will this affect money as we know it? Coins and notes will be to be recirculated with a new design, featuring the new monarch. It'll be expected that coins or notes with Queen Elizabeth II's profile would be kept my collectors for many years to come. There is however one thing that is apparent with the evolution of money and that is that the public embrace the change.