By Ian Holloway, head of legislation and compliance at Cintra HR & Payroll Services
The new 12-sided £1 coin, billed by the Royal Mint as “the most secure coin in the world”, enters circulation on 28 March 2017.
The current coin is being replaced for the first time in over 30 years as it has become vulnerable to counterfeit, with an estimated one in 30 coins not being genuine.
On 1 January 2017, David Gauke, chief secretary to the Treasury, said: “This is a historic moment, as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before. March 28 should be an important date in everybody’s calendar this year – as we will have a new quid on the block.”
However, the announcement comes with a warning that we have got until 15 October 2017 to use the round pounds or else they become worthless. This is because it ceases to become legal tender on that date. Unlike notes, the Bank of England will not exchange out-of-date coins.
To be honest, the excitement of the new coin does nothing for me except make me wonder if things like parking machines will be updated and replaced in time. That is to say nothing of whether my supermarket will accept the new coins in its trolleys. I think that I will keep an old coin just in case, not only for the sake of posterity. The new super-safe one could cause me all sorts of problems when I come to do my shopping.
Posted on 21st February 2017 by Jerome Smail
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