RIP, round pound coins
The new pound coin is officially coming into circulation next year, and it’s going to be completely different. No longer a round, but a twelve sided shape.
Our currency is being completely changed up at the moment, with the new five pound notes having come into circulation just six weeks ago and the new ten pound bank note launching next summer. The current pound coin design, which is over 30 years old, is set to be taken out of circulation after the new coin’s launch in March 2017.
Chief Secretary to the Treasury David Gauke said: ‘The pound as we know it will not be round for much longer’ The Metro reports.
‘The introduction of this new £1 coin will be a highly significant event and we are working with the Royal Mint to ensure key industries are ready and to ensure a smooth transition’ he said.
Some equipment used by the public on a daily to day basis, such as shopping trolleys and parking meters, will need to be completely changed or replaced in order to handle the new coin. Businesses are also being advised to train their staff on the features of the new coin and to make arrangements with the bank to return the current and new coins in separate packaging.
The government claims that this new coin will be the ‘most secure of its kind in the world’. It is estimated that there are currently around 45 million counterfeit pound coins in circulation, something which the new design will combat.
The new coin will also feature a hologram effect that switches between a pound sign and the number 1 when held at different angles, making it difficult to copy.
Not long now until we say goodbye to the beloved round pound coin forever.