The new £1 coin is about the same size as the old one but has 12 edges and is gold and silver.The new £1 coin comes into circulation this month, signalling the beginning of the end for the round pound, which will be completely phased out by 15 October.
If you’re struggling to make heads or tails of the change, here’s what you need to know, including what to do with your old coins and what it means for those supermarket trolley key fobs.
The new design is meant to be harder for criminals to fake and is billed as the “most secure coin in the world”. It is estimated that about 45 million £1 coins, or 3% of those in circulation, are apparently counterfeit.
It features a hologram where the “£” symbol changes to the number “1” when viewed from different angles. The dynamic change will require vending machines, ticket machines, in fact, any machine that takes pound coins, all around the country to be adapted before October.
This will impact thousands of businesses who will now have to adapt to accept the new £1 coin. Several supermarkets have said they are getting ready by making sure self-checkout machines accept old and new coins from 28 March.
Don’t forget to empty your piggy banks and money jars, get the coins changed before it is too late. We not sure but we think tooth fairies will accept the new £1 coins immediately.