The Chancellor invites the nation to design the ‘tails’ side of new £1 coin
12 Sep 2014
Rt. Hon George Osborne, The Chancellor of the Exchequer has today launched a nationwide competition, through which one lucky person will win the once in a lifetime opportunity to put their art in everyone’s hands for years to come, on millions of new UK £1 coins.
At Budget 2014, the Chancellor announced that The Royal Mint would manufacture a new £1 coin, which will be the world’s most secure circulating coin, helping to reduce counterfeiting and enhance the integrity of the United Kingdom’s currency.
Now, members of the general public are being offered the rare chance to put forward their creative ideas for the design of the reverse, or ‘tails’, side of the new £1 coin, which will enter circulation from 2017. The final specification of the coin is to be finalised following a public consultation, but the proposed £1 coin is distinctly British, with a twelve-sided shape similar to the pre-decimalisation threepence piece, popularly known as the “threepenny bit”. And its expected design will have a similarly British flavour, as budding designers are being asked to suggest designs that show what Britain, or ‘Britishness’ means, drawing on all of the qualities and quirks that make our nation unique.
In addition to seeing their design on the nation’s most important coin, the winner will be invited to visit The Royal Mint to strike their own design on a new £1 before the coins enter general circulation, when they will ultimately see their design on currency used by millions of people every day. They will also receive a fee of £10,000 in exchange for the right to use their design.
The design competition is open to anyone who wishes to enter, irrespective of age or nationality. The Royal Mint’s dedicated competition webpage includes helpful hints, design tips, a short film showing the minting process and images of previous designs for inspiration. Entries and designs will only be accepted on an official submission form, which can be obtained by downloading the Design Brief pack from www.royalmint.com/newonepoundcoin. All entries must be submitted by Thursday 30th October.
Today, alongside the competition, HM Treasury has also launched a public consultation, which invites all interested parties to provide responses in relation to the final specification of the new coin and its planned introduction in 2017. The final specification of the coin will be confirmed after the completion of this process. The public consultation opens on 12th September and runs until 21st November 2014. All information on the public consultation can be found at: www.gov.uk/government/organisations/hm-treasury
Rt. Hon George Osborne, The Chancellor of the Exchequer said: “Today we’re asking people across the UK to help us design the new £1 coin. Think about your favourite landmark, or a great British achievement or a symbol from our Islands’ Story. The winning design will be in millions of people’s pockets and purses. It’ll be heads you win; tails, it’s your design.”
Rt. Hon Danny Alexander, the Chief Secretary to the Treasury said: “This is a great opportunity for the people of the UK to help design our new one pound coin. I hope that the design of this coin represents all of the best aspects of a diverse nation and that it will be used in all parts of the UK for many years to come.”
Adam Lawrence, Chief Executive of The Royal Mint, said: “We are thrilled to have the opportunity to support Her Majesty’s Treasury and work on such an exciting project, which will not only modernise the current £1 coin for the first time in thirty years but also potentially change the way that coins are made in the future. We are giving people the rare and unique opportunity to create a new design for an iconic coin. They will have the pleasure and pride of seeing their artwork replicated on millions of coins that will be used by people in Britain, and recognised across the world, for years to come.”