Why replace the £1 coin?
The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.
Approximately one in thirty £1 coins in circulation is a counterfeit.
That is why the Royal Mint are introducing a new, highly secure coin on 28 March 2017 to reduce the costs of counterfeits to businesses and the taxpayer.
For more information on how to identify counterfeits of the current round £1 coin please click here:
How will it affect me?
The new 12-sided £1 coin is being introduced into circulation on 28th March 2017. You will start to see the new 12-sided coin in the days and weeks following this.
The legal tender status of the round £1 coin will be withdrawn on 15th October 2017. From this date shops will no longer accept these coins, but you should still be able to take them to your bank.