Saturday 14 October 2017

The old £1 coin go out of circulation in 24 hours!

At midnight on Sunday, October 15, the time will come that the old pound coins can no longer be used. Security is the top priority for the new dodecagon shaped coin as the old round pounds were easy to counterfeit.
The new coins will be harder to counterfeit as they boast hi-tech security features to stop the fakery. Around one in every 30 round pound coins has been fake in recent years. The 12-sided coin came into circulation in March and resembles the shape of the old threepenny bit. The round pound came into circulation on April 21, 1983 and replaced £1 notes. Over 2 billion round pound coins have been produced since then. The old round pounds that are returned to the Treasury after the deadline will be melted down and made into new £1 coins. If you find a few round £1 stuck in your coins after the October 15 midnight deadline you can still get money back for the coins if you trade them at your Post Office or your bank’s branch. Meanwhile, if you’re given change of an old £1 coin you can ask for it to be changed at the till, you have the right to do so.
On their website, The Royal Mint said: "Its distinctive shape makes it instantly recognisable, even by touch."
The new 12-sided £1 coin also has all new dimensions. It is thinner than the old coin measuring just 2.8mm in thickness.
The coin is also lighter weighing just 8.75g but it is larger in diameter measuring 23.43mm across.
The new £1 has a bold new design, which combines the English rose, Scottish thistle, Welsh leek and Northern Irish shamrock - all of which bloom from one stem within a royal coronet.
One the other side, the coin features the fifth coin portrait of the Queen.

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