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:
Existing Counterfeit One Pound Coins
The New One Pound Coin’s Arrived
Updated 4th 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 28th March 2017. Old £1 coins will no longer be legal tender from midnight on 15th 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.