A new, more-secure 12-sided £1 coin will enter circulation on 28th March and will be legal tender alongside the old round coin until 15th October.
From the 15th October you will no longer be able to use the old coin and the public are being urged to use or bank them them before they lose their legal tender status.
The UK government estimates around a third of the £1.3 billion worth of coins stored in piggy banks will be the old style £1 coins.
Security of new coin:
- 12-sided – its distinctive shape means it stands out by sight and by touch
- Bimetallic – The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy)
- Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles
- Micro-lettering – around the rim on the heads side of the coin tiny lettering reads: ONE POUND. On the tails side you can find the year the coin was produced
- Milled edges – it has grooves on alternate sides
- Hidden high security feature – an additional security feature is built into the coin to protect it from counterfeiting but details have not been revealed