Everything you need to know about the new £1 coin

Posted March 29, 2017

The rollout of the new coins begins on 28 March, with the Royal Mint already distributing the first of the £1.5bn worth to secret distribution centres around the UK. The proof-quality R5 coin bears on the reverse, a rendition of the two sides of the original five "pence" 1815 Griqua coin, slightly overlapped.

There are now around 1.6 billion round pound coins in circulation in the United Kingdom, and the Royal Mint estimates that 2.55 percent of them-about 40 million pounds-are fake.

The old round pounds, in circulation since 1983, will cease to be legal tender from October 15th, allowing for a six month transition period. Customers holding a Post Office current account will also be able to exchange £1 coins after the 15 October.

Instead of the circular shape, the new £1 coin will have 12 edges - something that many parking meters, vending machines and other pay machine won't accept.

Will it work in vending and parking machines - as well as supermarket trollies?

Tesco, one of the biggest United Kingdom supermarkets, will unlock their shopping trolleys for customers with the new style.

A new edition of the all-time favorite and best-seller coin series, the iconic 1 oz.

The new £1 coin being introduced next week has a hidden built in security feature to prevent forgary and a holographic image that changes depending on what angle it is viewed at.

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The new 12-sided £1 coin is being rolled out across England today in a bid to curb the rise of counterfeits, but is Peterborough prepared for the new coin?

Kelvin Reynolds, the British Parking Association's Director of Policy and Public Affairs, told CNN Money: "There is a possibility that the new £1 coin may encourage a move towards cashless payments, however there is evidence to suggest that significant numbers of users do not trust new technology such as phone apps". The coin is bimetallic, with the outer ring being nickel-brass and gold in color, while the inner silver ring is nickel-plated alloy. Apparently not. While some denominations do have rarer versions which could see them fetch more than their face value, the old £1 is not one of them.

Jonathan Hart, chief executive of the AVA, said the upgrades needed for the new £1 coin will cost the vending industry an estimated £32 million.

Darren Christie, 34, recruitment consultant, said: "If it's going to get rid of illegitimate coins then yes, I think it's a good idea".

It said that with around half a million vending machines across the United Kingdom, ensuring all of them are upgraded is a "major operation".

Drivers should keep a mix of the old and new £1 coins in their cars while the changeover takes place, Smith said.

Its introduction aims to cut down the number of counterfeits, as around 1 in 30 £1 coins are thought to be fake, and is being rolled out gradually at banks nationwide.