QUIDS IN TODAY
Everything you needed to know about the new £1 coin SMALL CHANGE
THE newly designed 12-sided £1 coin enters circulation today.
It is most secure coin in the world and its hi-tech features even include a hologram.
The revamp follows worries about the number of counterfeited round pounds.
Around one in every 30 old-style coins is fake.
But those wanting a snack out of a machine or trying to pay ® for parking may find the new coin is not accepted.
Tesco trolleys across many stores will also be unlocked as the supermarket upgrades them.
The Automatic Vending Association estimates that 85% of vending machines will be able to accept the new £1 coin and all will still accept the old coin following an upgrade.
Jonathan Hart, chief executive of the AVA, said the upgrades will cost around £32million. The British Parking Association said the majority of parking machines will be ready, but some older machines may not be able to be upgraded.
A spokesman added: “Parking machine manufacturers say they are positive they will be able to manage the upgrade in a timely manner.”
Pound coins were first launched in April 1983 to replace £1 notes.
Why is the new pound being introduced?
There have been concerns about the old round pound’s vulnerability to sophisticated counterfeiters. Around one in every 30 round pounds is a dud. The new £1 coin boasts new security features.
What security features does the new £1 coin have?
The features include its 12-sided shape, its bi-metallic structure with a gold-coloured outer ring and a silver-coloured inner ring and an image that changes from a “£” symbol to the number “1” when seen from different angles. It also has micro lettering and milled edges.
What other features does it have?
The coin’s design reflects England, Scotland, Wales and Northern Ireland, with a rose, a thistle, a leek and a shamrock. On the other side is a picture of the Queen, which was designed by the Royal Mint’s Jody Clark and is the fifth different portrait of Her Majesty to appear on a coin during her reign. The new pound is thinner and lighter than the old coin but its diameter is slightly larger.
What is happening to the old coin? Positive
There is a period of just over six months when the old round pound will still be accepted as legal tender alongside the new coin. People are being encouraged to return their coins before October 15. The Royal Mint has produced more than two billion round pound coins since that time.
Both the old and new coins will co-exist until the round pound ceases to be legal tender on October 15.
The new coins have a gold-coloured outer ring and a silver-coloured inner ring.
And the Royal Mint added it may take a few weeks for people to start seeing them as they gradually filter into general use.