New £1 coin launched in 14 cities around the UK
28 March 2017
Today sees the introduction of the new £1 coin to the UK's monetary system, in an attempt to reduce the number of forgeries on the market.
Resulting from a 10-week public consultation, the design was decided upon following consideration of both the physical and material characteristics of the coin.
Following the announcement three years ago, the Royal Mint will produce a total of 1.5bn of the new coins.
There is continuing conjecture concerning how well-prepared the various sectors of the FM industry is in accepting the new 12-sided £1 coins.
The new design will be introduced in banks within 14 cities around the UK today.
This will result in a gradual spread of the coins around the country, with uncertainty continuing over how long it will take to reach all areas of the UK.
For example, Cardiff is the only city in Wales where the coins will be seen today, so other areas are unlikely to see them in the next few days and possibly weeks in some cases.
The new £1 coin is made of two metals and includes a latent image of a £ symbol that changes to the number one when seen from a different angle.
It also features micro lettering around the rim on both sides, with milled edges creating grooves on alternate sides and a "hidden security feature".
Motorists and consumers are being advised to continue carrying the old design of the £1 coin, as not all machines have been upgraded to accept the new version.
Further information is available on www.thenewpoundcoin.com