₤ 1 in a billion: New coin strikes landmark

The billionth brand-new ₤ 1 coin has gone through the Royal Mint’s assembly line, as consumers and merchants prepare to bid goodbye to the old “round pound”.

People are being advised to remove their old pound coins from wallets, piggy banks and crevices in couches before they lose their legal tender status on October 15. They can invest, bank or contribute them to charity.

The brand-new 12-sided pound coin, the shape which looks like the old threepenny bit, went into blood circulation in March and boasts brand-new modern security functions to prevent counterfeiters.

By mid-July, there will be more brand-new coins in blood circulation than old, the Treasury stated. People have currently returned 800 countless the old coins.

One pound coins were very first introduced on April 21 1983 to change ₤ 1 notes. The Royal Mint has produced more than 2 billion round pound coins since that time.

The production of the brand-new coins follows issues about round pounds being susceptible to advanced counterfeiters. Around one in every 30 ₤ 1 coins in people’s change in the last few years has been phony.

The Treasury stated research recommends one in 3 people still have old pound coins stored.

Exchequer Secretary to the Treasury Andrew Jones was going to the Royal Mint’s head office in Wales on Monday to formally mark the one billion turning point and strike the billionth coin with the Queen’s head.

r Jones stated: “This coin is the most protected of its kind worldwide and was generated to secure down on the multimillion-pound expense of fakes.

” In less than 100 days, the round pound will lose its legal status. So people have to invest, bank or contribute them by October 15.”

President and deputy master of the Royal Mint, Adam Lawrence, stated: “Many of the old round pounds returned will be melted down to make the brand-new coins so we’re asking everybody throughout the UK to make sure they examine their coin containers and piggy banks for round pounds.”