The new 1 pound coin will enter ciculation on the 28th March 2017 and the Royal Mint is producing 1.5 billion of them.
The new coin has a number of features that make it much more difficult to counterfeit.
12-sided – its distinctive shape makes it instantly recognisable, even by touch.
Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).
Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.
Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.
Milled edges – it has grooves on alternate sides.
Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.
You now have until 15 October 2017 to use up any round pounds stashed away in piggy banks and cash savings – after this date, the coin will cease to be legal tender in the UK – and you will no longer be able to spend them in shops or use them in vending machines.
From 28 March 2017, you’ll be able to take your coins to your local Post Office branch where you can exchange them for the new editions.
Alternatively, head to your local bank branch and deposit the amount into a savings account. You can do this as early as now, or after 15 October 2017.
Many banks and building societies will continue to accept the old pound coin even after 15 October 2017, although Barclays, HSBC, Lloyds/Bank of Scotland, Nationwide, RBS and Santander have said they will only offer this service for their own customers.
After 15 October, you’ll still be able to deposit round £1 coins into your bank account, however, this is at the discretion of your local bank so it is recommended that you consult with them directly.
Some of the round £1 coins returned by the public will be melted down and reused to make the new £1 coin.
The new 1 pound coin is here