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Five things you need to know about the new £1 coin

The new £1 coin came into circulation as of yesterday, we took a look at five things you will need to know about the new currency.

1.The new pound will be harder to counterfeit

Not only is the coin twelve-sided but it has a special security feature. According to The Royal Mint one in every thirty £1 coins is now a counterfeit. To battle this the new coin has “anticounterfeiting technology in the form of milled edges”. The raised edge of the coin, or the rim, has been designed with milled edges to show that none of the metal has been cut or shaved off. It also has features including holograms and multiple, layered metals.

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2. From 6 October 2017 onward you will no longer need to accept the old coin

From this point onward all coin handling equipment should be able to accept the new £1 coin. You are under no obligation to accept the old £1 coin and you should not distribute any. Most banks and the Post Office will still accept the round £1 coin to be deposited.

3. Vending machines and trolleys will need to be upgraded

Many coin-based machines are yet to be upgraded, with Tesco currently overhauling their trolleys to accept both coins. If you have coin-based equipment you need to contact your supplier in order to upgrade to accept either both or just the new £1 coin.

4. Old pound coins

You should take any round £1 coins to the bank before 15 October where possible. Most banks will exchange the money over if you need the cash.

5. There is a hidden security feature

As well as holograms and other features, the new £1 coin also has a special high security protective trait to prevent future counterfeiting.

Officials at the Royal Mint have not released any further details.

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