The new 12-sided £1 coin enters circulation today (28 March), replacing the 'round pound'. Here’s everything you need to know.
Sections
Where to get the new £1 coin
Collectors have been able to purchase commemorative versions of the new £1 coin for weeks, but today (28 March) marks the first day that people can get their hands on the standard version.
In total, there are 33 bank and post office branches across the UK that currently stock the new 12-sided coin. You can view the full list here. It will probably be days, if not weeks, before we see the coins in general circulation.
What does the new £1 coin look like?
Why has the Mint replaced the old £1 coin?
The old pound coin hadn't been changed since it was introduced in 1984 to replace pound notes.
Such a long period of circulation has given forgers ample opportunity to perfect their fake coin designs.
As a result, there are a huge number of counterfeit £1 coins in circulation. The Royal Mint estimates that one in 30 pound coins is a fake.
Read: How to spot a fake £1 coin
New security features
How the new £1 coin is made
When do I have to stop using the old £1 coins?
From Sunday October 15, 2017 the old pound coin will stop being accepted by businesses.
If you have any you will be able to swap them at Post Offices and most banks.
But before you do, check whether you own one of the old £1 coins that are worth up to £25.
Issues for businesses
Businesses are concerned about the cost of converting machines to accept the new 12-sided coin with the prospect of a six-month period where both coins have to be accepted proving particularly galling.
Supermarket trollies, vending machines, gym lockers and arcade machines will need to be upgraded to accept both designs during the transition period.
“SMEs have already had to adapt to a number of changes, such as pensions auto-enrolment and the prospect of quarterly digital tax returns, so the introduction of a new pound coin only adds to the burdens placed on small businesses’ shoulders,” Clive Lewis, head of enterprise at the Institute of Chartered Accountants, told the Independent.
“The financial hit SMEs will have to take in preparing for the new pound coin will divert attention away from running their businesses and dealing with the economic consequences of Brexit.”
Local councils are also complaining about the cost of adapting parking meters to accept the new coin.
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