From tomorrow, there’s going to be a new quid on the block – a 12-sided pound coin which will go into circulation from tomorrow.
The coin is thinner and lighter than the old coin but its diameter is slightly larger.
It’s being brought in because there have been concerns about the old round pound’s vulnerability to sophisticated counterfeiters – around one in every 30 round pounds is a dud.
The new £1 coin boasts new security features.
But consumers craving a snack or trying to park may face confusion when they attempt to pay at coin-operated machines, as some will not immediately accept the new coin.
They may find themselves rifling through their wallets for an old round pound.
Tesco trolleys across many of its stores will be unlocked as the supermarket giant performs upgrades so that they can accept the new coin.
How long are my old pound coins legal tender for?
Don’t worry, your old pound coins don’t magically stop being money at the stroke of midnight tonight. There is a period of just over six months when the old round pound will still be accepted as legal tender alongside the new coin.
What should I do with my old pound coins?
People are being encouraged to return their coins before October 15. They can bank them or spend them.
Experts predict that there is something in the region of £433million in pound coins stashed away in piggy banks, down the back of sofas, in the ashtray of your car, or in the pocket of that pair of jeans you never wear.
Some of the new £1 coins will be made from melted-down round pounds.
So how’s the new pound coin different?
It’s got a lot of security features. The features include its 12-sided shape, its bi-metallic structure with a gold-coloured outer ring and a silver-coloured inner ring and an image that changes from a “£” symbol to the number “1” when seen from different angles.
It also has micro lettering and milled edges.
What other features does it have?
The coin’s design reflects England, Scotland, Wales and Northern Ireland, with a rose, a thistle, a leek and a shamrock. The fifth coin portrait of the Queen, designed by Royal Mint coin designer Jody Clark, is featured.