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Weekly Edition - Publication date:- 2017-02-10

-en Southport & Mersey Reporter

Local News Report  - Mobile Page

 

"The pound won't be round for much longer"

THE Pound Coin was introduced in April 1983 and has since been in general circulation, but like its paper predecessor, it’s about to be pushed into the history books. The new UK ₤1 coin will now be entering circulation on 28 March 2017, just a few days after Mothers’ Day. This new coin will be physically different and also have different material characteristics to the round Pound. This change will see in our pockets a new 12 sided coin, made of 2 metals, like the current ₤2 coin.

We are told that it will be better for blind people and people who have sight issues, as its distinctive shape will make it instantly recognisable by touch.

As well as having an outer ring, that is gold coloured (nickel brass) and an inner ring is silver coloured (nickel plated alloy), this new coin has other very interesting visual features that will, according to the Royal Mint, it makes it much more difficult to counterfeit.

Since the ₤1 was introduced, we have seen many counterfeit copies popping up, but the new coin will contain some new high security features which are built into the coin to protect it from counterfeiting in the future.

To the eye, 1 of the security feature that will be visible will be an image that will work like a hologram. This image will change between a '₤' symbol to the number '1' as the coin is seen from different angles. Also, the coin will have very small lettering on the lower inside rim on both sides of the coin. 1 Pound on the obverse "heads" side and the year of production on the reverse "tails" side.

It will also have a very distinctive pattern on alternate sides, using grooves milled onto parts of the coins' the edges. This will also help people with disabilities to recognise it.

No coin would be complete without a fantastic design reflecting the country it represents, and for this the Royal Mint has chosen to feature a design that was created by 15 year old, David Pearce, who won a public design competition. It will show the English rose, the Welsh leek, the Scottish thistle and the Northern Irish shamrock emerging from 1 stem within a Royal Coronet. On the other side, the coin will have a portrait of Her Majesty the Queen, designed by Royal Mint coin designer Jody Clark.

Introducing the New 12 Sided 1 Pound Coin...

We are told that the new coin will be thinner than the round ₤1 coin, at 2.8mm, with a slightly larger diameter, 23.43mm. That, and the fact it has new materials, means the coin will be lighter than the round ₤1 coin. All that sounds good, but here is the problem... You can use the old ₤1 coin up to 15 October 2017, and then the old Pound will no longer be legal tender. However, most coin handling equipment will require adaptation or replacement, as the old coin is phased out. But without having coins to test equipment, before 28 March 2017, many are asking what will happen when it comes to the likes of parking meters. Sefton MBC has only recently put in new meters and changes to coins in the past have left many motorists with issues. This raises the question, how will businesses and Councils manage to meet the challenges ahead. So when they arise, you will have to keep an eye out to see which coins the equipment can accept, until the 16 October 2017 onwards... To add to the fun, businesses will also have to return the current ₤1 coins and the new ₤1 coins in separate packaging and, until 16 October 2017, businesses are expected to accept both coins from customers! Not only that, but just when you get your staff trained on the features of the new ₤1 coins.  Just to add to the fun, the forthcoming plastic ₤10 note is also on its way. The new ₤10 note is due to be issued in summer 2017. Thankfully, the new polymer ₤20 note is being reported as due to be introduced sometime in 2020!

So what are your views on this change to our coins and notes? 1 thing that we have herd being asked has been:- "Why Braille has not been used on the Polymer Banknotes..?"  Please let us know your thoughts and ideas, via emailing us to:- News24@SouthportReporter.com.

Let's hope we can cash in on the new ₤1 coins, as some managed to do with the new ₤10 notes... More information about the new ₤1 coin can be found on the Her Majesty's Treasury and The Royal Mint official website for the new coin at:- TheNewPoundCoin.com.

Just to add... you can continue to spend the old 'Paper ₤5' notes, as usual until 5 May 2017. After this they will cease to be legal tender.

 

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Southport Reporter (R) Bourder


  


 

 

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