The new quid on the block
The new 12-sided £1 coin will be the most secure coin in circulation in the world.
On New Year’s Day, a press release from HM Treasury announced that the new 12-sided £1 coin will be introduced on 28 March 2017 and that the current round £1 coin will lose its legal tender status at midnight on 15 October 2017. To see the full release please visit HM Treasury.
The intention to introduce a new £1 coin was announced in the 2014 Budget. This is due to increasing numbers of sophisticated counterfeit £1 coins in circulation.
In the past few years, around two million counterfeit £1 coins have been removed from circulation every year. This is a direct cost to banks, cash handling centres and to the economy. In addition, increasing rates of counterfeiting pose a challenge to the integrity of our currency.
How will it affect my business?
The project team are continuing to engage with businesses and trade associations to encourage them to prepare for the new £1 coin. This may include updating equipment and training staff. The last Industry Readiness Survey in December showed increasing confidence levels in being ready for the new £1 coin in key industries. A Business Communications Campaign, launched in October, is continuing to engage with businesses through targeted social media and key trade publications.
How does it affect me?
With under two months to go to the launch of the new £1 coin, the government is raising awareness and encouraging those members of the public storing large numbers of round £1 coins to start returning them to their bank. Around £1.3 billion worth of coins are stored in savings jars across the country, and the current £1 coin accounts for almost a third of these. It is important that all round £1 coins are returned before 15 October 2017. After that date any remaining round pounds can be returned to your bank.
This information was provided by the Royal Mint.