THERE are now more of the new £1 coins in circulation than there are round pounds – as the coins quickly disappear out of circulation.
The new pound coin has been described as the most secure in the world. Here’s what you need to know about the switch…
When do the old one pound coins go out of circulation?
The old “round pound” will stop being legal tender on October 15 this year.
However it has been revealed that the phasing out of old £1 coins is taking longer than expected as businesses keep “wrongly returning” the NEW 12-sided coins.
The old “round pound” will stop being legal tender on October 15 this year, but half of the coins being returned to the banks are the new style, according to cash management company Vaultex.
The new £1 coin was released into circulation on March 28 2017. It’s lighter than the round pound and comes with 11 more sides.
From March until September there will be a “co-circulation” period, during which both old and new £1 coins can be accepted.
But unlike the old £5 note, which will hold its value “for all time”, the current £1 coin has a much shorter lifespan.
Experts have advised that you can take £1 coins to banks to change for notes as long as they are in bags of 20.
You may also be able to exchange them at the bank or Post Office if you hold an account there. But again, it’s best to check ahead of time.
There’s already been a lot of hype about some of the new pounds – including claims that some could be worth £250.
However, The Sun revealed that some of the estimates around the supposedly valuable 2016 coins could be wildly exaggerated.
What do the new £1 coins look like?
As you probably already know the new coin is 12-sided, making it much more difficult to counterfeit.
On their website The Royal Mint said: “Its distinctive shape makes it instantly recognisable, even by touch.”
The new 12-sided £1 coin also has all new dimensions. It is thinner than the old coin measuring just 2.8mm in thickness.
The coin is also lighter weighing just 8.75g but it is larger in diameter measuring 23.43mm across.
The new £1 has a bold new design, which combines the English rose, Scottish thistle, Welsh leek and Northern Irish shamrock – all of which bloom from one stem within a royal coronet.
One the other side, the coin features the fifth coin portrait of the Queen.
How many of the new £1 have defects?
Thousands of new £1 coins are said to carry major production flaws in a huge embarrassment for the Royal Mint.
Some of the coins — supposedly the world’s most secure — appear cracked, warped or have the middle missing.
Another Brit was surprised to find a new coin with TWO queen’s heads – and the misshapen quid could be worth £250.
Officials admitted faults had crept into the minting process.
Some of them were left looking like Polos after being issued with their centres missing due to a “comedy of minting errors”.
Other flawed coins given to Sun readers are misshapen, with sections bleeding into one another or missing design details.
THE POLO POUND
COLLECTOR John Taylor was stunned when he found the middle had completely fallen out of one of his coins.
He came across the dodgy £1 just days after they were issued, suggesting the minting process is faulty.
But there is already a lucrative online business in the flawed coins.
John, of Crystal Palace, South London, paid £30 for one missing a centre on eBay. Others are for sale at between £50 and £100
THE MELTY MIDDLE
COUNCIL worker Sarah O’Donoghue, 39, got a misshapen coin in her supermarket shopping change.
The silver in the middle of the coin has melted into the outer gold ring.
But learning support assistant Sarah, of Birmingham, said: “I am quite excited I’ve got something different.
“If it’s worth a lot that’s great but if not I’m chuffed I’ve got something different.”
Why was the old £1 coin changed?
Over the past 30 years, the old round coin has grown increasingly vulnerable to counterfeiters – in fact, the Royal Mint states one in 30 £1 coins is fake.
So it was time for a change. The new £1 is thinner, lighter and larger and includes a hologram-like image which alternates between ‘£’ and ‘1’ when seen from different angles.
There’s also a secret high-security feature built into the coin itself – which will protect the coin from counterfeiting.
How much an original pound is worth today
SINCE the original £1 coin was first minted in 1983, inflation has wiped away two-thirds of its value in real terms, according to recent analysis by M&G Investments.
It said when the eroding impact of inflation is taken into account, a £1 coin left sitting in a piggy bank since 1983 would be worth around 32p.
M&G Investments also calculated that if £1 had been put in a cash savings account in 1983, it could now be worth around £1.33 in real terms. And if it had been invested in stocks and shares, its real value could now be around £11.66.