New £1 coin becomes legal tender

1 min read

A new 12-sided £1 coin has become legal tender from today.

The Royal Mint is producing the new coins in South Wales at a rate of up to four million per day.

It is to produce around 1.5 billion new coins, which will be distributed to banks and retailers over the next six months.

Round £1 coins, which are being transitioned out, will also be returned to the factory of which some will be reused to make the new coins.

Adam Lawrence, chief executive of Royal Mint, said: “It’s an historic day for UK coinage, and one that The Royal Mint has been working towards, together with businesses and industry, for a number of years. From today, the public will start to encounter for themselves the most innovative and secure coin ever produced by The Royal Mint.

“It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come. Staying ahead of sophisticated counterfeiters remains a constant challenge and this coin helps in that battle.”

Commercial Secretary to the Treasury Baroness Neville-Rolfe said: “Today marks the start of the six-month transition period, so I’d urge everyone to make sure they spend, return or donate their old round pounds before 15 October. We have been working hard with businesses over the last three years to help make this changeover as smooth as possible.”

New £1 coin images: The Royal Mint
Old £1 coin image: Adam Offord/Works Management