£1 coin replaced for first time in over 30 years
A new £1 coin will enter circulation in March 2017. It is being replaced for the first time in over 30 years because of its vulnerability to sophisticated counterfeiters.
The new £1 coin, which was announced by the Chancellor at Budget 2014, will have the same shape as the 12-sided 3 pence piece or ‘threepenny bit’ and will be the most secure coin in circulation in the world.
The Royal Mint estimates that up to 3% of all £1 coins (or 45 million) are now forgeries. In some parts of the United Kingdom, it could be as high as 6%.
Over the past few years, around 2 million counterfeit £1 coins have been removed from circulation each year and the new, highly secure coin will reduce costs to business and the taxpayer.
In September 2017, the existing £1 coin will be demonetised and it’s legal tender status will be removed.
Find out more about the new £1 coin and advice on what you should do to plan for its introduction. A business communications campaign, which will include training resources, is also planned for Autumn 2016.
For more information about the new £1 coin please visit http://www.royalmint.com/newonepoundcoin or email firstname.lastname@example.org.