The new UK £1 coin will enter circulation in March 2017, and The Royal Mint is producing more than 1.4 billion of the new coins.
Why are we changing the £1 coin?
At Budget 2014, the government announced its intention to introduce a new and highly secure £1 coin into circulation. The current £1 coin, first issued in 1983, is one of the oldest British coins in circulation. Over time, it has become increasingly vulnerable to counterfeiting. Roughly one in every 30 £1 coins in circulation is now a counterfeit, generating significant cost to taxpayers, industry and the general public.
The UK government takes a proactive approach to counterfeiting and cash remains central to the overall integrity of a currency. Circulating coins do need to be periodically replaced and the impact of deterioration in confidence in our currency would outweigh the costs of bringing in a new £1 coin.
The final specification of the coin and method of introduction were decided after a ten-week public consultation which looked at the physical and material characteristics of the coin, as well as the parameters for the transition. Her Majesty’s Treasury and The Royal Mint are continuing to work with industry to introduce the new coin in a manageable way.
To view the government’s published consultation response please visit the below link:
Consultation Response Paper
*The final production coin specification can be found here: The coin weight differs slightly from the initial specification set out in the consultation response.
For more information about the introduction of the new £1 coin and to find out what will happen with the current £1 coins, please visit our Frequently Asked Questions.