Old and new pounds coins

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The brand new 12-sided coin is designed to be tougher to counterfeit

Efforts to section out the outdated £1 coin are being hampered by firms who’re returning the brand new 12-sided alternative by mistake.

The outdated spherical pound ceases to be authorized tender on 15 October, with a billion taken out of circulation already.

However the elimination course of is being slowed down as a result of about half of the £1 cash despatched again are literally the brand new model, money administration firm Vaultex says.

Treasury minister Andrew Jones mentioned “companies should stay vigilant”.

The brand new coin is being launched as a result of roughly one in 30 pound cash at present in circulation is a faux, in line with the Royal Mint and the 12-sided model is designed to be tougher to counterfeit.

Mr Jones, Exchequer Secretary to the Treasury, mentioned: “There was a improbable effort from each the general public and companies in returning multiple billion outdated spherical kilos, and I thank everyone concerned on this course of to date.

“However there may be nonetheless extra to do earlier than the 15 October deadline.”

He continued: “Companies should stay vigilant when returning cash and guarantee outdated and new cash are organised in separate packaging to make the sorting course of faster and simpler.”

Cashiers and shopkeepers working at until factors should additionally “play their half to make sure solely new pound cash are given to consumers of their change”, he added.

  • 12-sided – its distinctive form means it stands out by sight and by contact
  • Bimetallic – The outer ring is gold colored (nickel-brass) and the internal ring is silver colored (nickel-plated alloy)
  • Latent picture – it has a picture like a hologram that adjustments from a “£” image to the quantity “1” when the coin is seen from completely different angles
  • Micro-lettering – across the rim on the heads aspect of the coin, tiny lettering reads: ONE POUND. On the tails aspect, yow will discover the yr the coin was produced
  • Milled edges – it has grooves on alternate sides
  • Hidden excessive safety characteristic – an extra safety characteristic is constructed into the coin, however particulars haven’t been revealed

The federal government estimates a few third of the £1.3bn price of cash saved in piggy banks across the UK are the outdated £1 model.

A few of these returned by the general public will probably be melted down and used to make the brand new model.

A joke in regards to the changeover was voted the funniest of the Edinburgh Competition Fringe.

Ken Cheng quipped: “I am not a fan of the brand new pound coin, however then once more, I hate all change.”