The round one pound coin, which has been know for thirtyyears, is all set to get replaced. The Royal Mint is producing 1.5 billion new coins that will start circulating in March next year. A ten week public consultation manifested the final specification and method of introduction for the coin after looking at its physical and material characteristics.
Most secure coin
The coin is said to be the "most secure coin in the world". Its twelve sided shape makes it recognisable instantly, even by just touching it. When the coin is seen from different angles, the image on it changes from the pound symbol to the number one.
Both its sides have micro-lettering on the borders- a one pound on the head side and year of production on the tail side. The coin also has a hidden high security feature to protect it from counterfeiting.
The new coin weighs 8.75grams and is 2.8 millimetres in height. Its front sidehas the fifth coinage portrait of Queen Elizabeth II. The back sidefeatures a new design that shows the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock. A competition was held to decide what should feature on the reverse side, and was won by 15-year old David Pearce.
The coin is made up of two metals - the outer ring is gold colour and the inner ring is silver. It has milled sides, making it easier for the visually impaired to identify it.
To get ready for next year'slaunch of the coin, businesses need to check whether they have equipment that will be able to operate the new coin. They need to train their employees about its features and make the required changes to the coin handling equipment.
Six month overlap for new and existing coins
Commenting on the move,Dave Smith, Head of Public Affairs at the British Parking Association told "Mirror Money" that "there is a slight risk that some machines may not accept the new pound coin or one of the smaller denominations". A website, thenewpoundcoin.com, has gone live to inform businesses about the change. However, the existing one pound coins will continue to be legal till September 2017 along with the new ones.
