We’ve all become accustomed to our round pound. Famed for falling down the back of the sofa, the token of currency for the many ‘Pound Shops’ and the coin least likely to be accepted in a ticket machine. Alas we will be saying goodbye to it’s round edge in 2017.
Adam Lawrence, Chief Executive of The Royal Mint, said “We are delighted to have the opportunity to support Her Majesty’s Treasury in modernising the iconic £1 coin and helping to re-define the world of coinage. Made from two different metals and including ground-breaking technology developed at The Royal Mint, this new 12-sided coin will be the most secure circulating coin in the world,”
The new coin is based on the design of the old threepenny bit, a 12-sided coin in circulation between 1937 and 1971, with the ‘tails’ side designed by David Pearce, from Walsall, who won a competition to have his ideas featured.
Why the change?
In his Budget statement to the Commons, Chancellor George Osborne said: “The prerequisite of sound money is a sound currency.”
He said the £1 coin was one of the oldest coins in circulation and had become “increasingly vulnerable to forgery”.
“One in 30 pound coins is counterfeit, and that costs businesses and the taxpayer millions each year,” Mr Osborne continued.
“So I can announce that we will move to a new, highly secure, £1 coin. It will take three years.
“Our new pound coin will blend the security features of the future with inspiration from our past.
“In honour of our Queen, the coin will take the shape of one of the first coins she appeared on – the threepenny bit.
“A more resilient pound for a more resilient economy.”
The ’round pound’ will stop being made in 2017, when the new coin will roll out.