March 28th sees the regeneration of the 30 year old pound coin. Out with the round, in with the Dodecagon (12 sided).
So what’s different about the coin…other than the shape?
Well, the new pound coin boasts two kinds of metal in its construction – Nickel-Brass (gold in colour) and Nickel-Alloy (Silver in appearance). Additionally, the bimetallic coin will contain a holographic-like image, that changes from the ‘£’ symbol to that of the numeral ‘1’.
Grooves, micro-lettering and a hidden security feature (don’t ask, we don’t know either) complete the amendments made to the famous coin.
The pound coin has had numerous illustrations over the years, this new coin boasts
a Welsh Leek, the Scottish Thistle, the Northern-Irish Shamrock and an English Rose, all emerging together from one stem, resplendent in their coronet and designed by David Pearce, the then 15 year old winner of a public design competition.
Thinner, lighter, but slightly larger, the new pound coin hosts the visage of Her Majesty The Queen, designed by Royal Mint artist, Jody Clark.
That’s all well and good, we hear you say, but why bother?
Simply put - fraud. Counterfeiters have been taking advantage of the pound coin for quite some time, with 1 in 30 pound coins being fake, that’s almost 50 million in circulation, according to the Treasury. Without doing the mathematics, I think we all know that works-out to a tidy sum.
Don’t worry, even with the new coin coming into circulation, the old coins will remain legal tender until 15th October 2017, plenty of time for supermarkets to convert their trolleys and food dispensers to be changed to accept the new 12 sided coin.
For further information, visit the Royal Mint