The new 12-sides coin is set to launch by The Royal Mint on 28 March 2017.
But why?
The latest edition includes a host of security features to prevent counterfeit copies, which will completely replace today’s ‘round pound’.
Some £1 coins returned will be melted down in order to make new £1 coins. Currently, they’re being manufactured at 2,000 a minute at a Royal Mint production office in Llantrisant, Wales
The coin features two different metals; gold coloured nickel-brass and the inner ring is silver coloured nickel-plated alloy.
The new do-decagon shaped £1 is said to be the most secure in the world by The Royal Mint. It’s most advanced safety feature is the holographic signature which changed from a ‘£’ symbol to the number ‘1’ as you alter the angle.
This year, The Royal Mint are also honouring the achievements of Sir Isaac Newton, The Royal Flying Corps and Jane Austen – all pioneers in their own field.
Already, more then 200,00 of the new coins have been spotted on eBay for as much as £200 after being handed out to selected retailers last year for ‘testing’.
Unfortunately for the guy who brought it though, the coins are considered as ‘trial coins’, therefore making it illegitimate tender and are not particularly rare either. However, the price of these will most likely go up as of the release date in Spring… so who knows, maybe he could make his money back.
If the coin becomes as rare as the 1994 ‘trial coin’ the value of it could increase significantly. It’s fascinating as those trial coins quickly became the most sought after coin collectables in Britain. So, potentially he’s now sitting on a future goldmine!
Be quick to use them up your old £1 coins as well; you only have until 15 October 2017 to use up all your round pounds if you have any saved up in a piggy bank or cash savings!
You can also opt to exchange them within your local Post Office branch for the new editions after 28 March. Alternatively, you can drop them off at your local bank and deposit it into a savings account. You may do this as early as now, or after 15 October 2017 at the discretion of your local bank branch.
Click here to view The Royal Mint’s 360 video of the new £1 coin: https://youtu.be/5sLhzorMQMc