New One Pound Coin in 2017

Why A New One Pound Coin?

Due to excessive counterfeiting of the existing one pound coin The Royal Mint has decided to introduce a new one pound coin design, in 2017, with new security features:

“It will be constructed from two different coloured metals and contain an iSIS security feature – a revolutionary new high security coinage currency system developed by The Royal Mint.”

Royal Mint

“iSIS – Integrated Secure Identification Systems – enables not just coins, but the whole cash cycle to be more secure, protecting the public, vending machine operators, retailers, and the wider banking system. …”

Royal Mint

“There are many customer benefits to iSIS:

• Both robust and secure, its issuance protects the reputation of a country, projecting a positive image of the nation and its economy.
• It will reduce costs by replacing expensive clad and homogeneous coins with a more affordable full-plated option.
• It will generate lifetime cost savings through unmatched durability, lasting up to 30 times longer than an equivalent value banknote.
• iSIS is not a surface coating so it will not wear off over time.”

Royal Mint

The edge of the new One Pound coin looks like this:

Read more about this new coin at The Royal Mint.

Existing Counterfeit One Pound Coins

Here in the BBC News Magazine is an article explaining how you can identify a fake one pound coin.

The New One Pound Coin’s Arrived

Updated 4^th July 2017.

Yes the new One Pound coin has arrived and here it is:

Note: Below the Queen’s head is a shield with an embossed £ sign. This wasn’t on the original design.

They were put into circulation on 28^th March 2017. Old £1 coins will no longer be legal tender from midnight on 15^th October 2017. However after that date they can be deposited into a bank account. That will enable people to recover the value of any horded coins found.

There is still a problem with vending machines, in particular those ticket machines in car parks, which have not yet been modified to take the new coins. Old £1 coins are already in short supply making the use of such car parks difficult, especially at the seaside now the holiday season is in full swing.

Reference

Royal Mint – New One Pound Coin