New shape £1 coin announced.

I saw this on the news earlier but can only find this bloomberg article for now

http://www.bloomberg.com/news/2014-...1-pound-coin-with-secure-12-edged-design.html

I guess the £1 is so popular and widely used few people check for counterfeits, I have two in my car I use for shopping carts.
The new shape sounds cool though.

 

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Sound as a (new) pound: £1 coin to be swapped for 12-sided replacement which is harder to counterfeit
http://www.mirror.co.uk/news/uk-news/sound-new-pound-1-coin-3258568

 

LOL,
I should have read the papers before posting

http://www.dailymail.co.uk/news/art...w-version-shaped-like-old-threepenny-bit.html

 

In the U.S. the vending machine people always keep them from changing the coins. They say it's too expensive to convert them. I think it is interesting that 3 percent of pounds are fake. Who is making them and how?

 

the bad guys...obviously

 

The last biggest seizure were from Italy, they caught millions of them before they got into circulation.
Illegal immigrant east European gangs are mostly to blame.

 

cool shape.

 

Pretty interesting ...

=> the new Pound is kinda like a hybrid of the Canadian Loonie + Toonie




... I like it

=> hmmm, I am very curious to see what they'll choose for the reverse?

 

Looks like another winner from the British Royal Mint. It should add more interest to my extensive proof decimal collection.

 

super cool

 

Amsterdam is not in Italy, and not exactly in Eastern Europe either. Two stories from last year ...
http://www.coinsweekly.com/en/News/4?&id=2456 (English)
http://www.telegraaf.nl/binnenland/22133359/__Ponden_vervalst_in_A_dam__.html (Dutch)
... and a new one:
http://www.independent.co.uk/news/u...ehind-decision-to-replace-1-coin-9210251.html (English)

Christian

 

Thank you for these stories. I would think that the British Royal Mint would move quicker to begin minting new 12-sided one pound coins and get them into circulation.

 

Yes, three years may be a little long. Then again, prior to the introduction in 2017 there will be consultations with the vending industry, machines need to be adapted, and there will also be a design contest (I think) for the reverse. If there suddenly was a flood of counterfeits (considerably more than what they have these days), all this could be done faster, but I don't think there is actually a reason to hurry ...

Christian

 

Very true. Also to consider, the British government has also withdrawn legal tender status to decimal coins that have been reduced in size or eliminated from the coinage system. Examples are the half penny in 1984, the five pence and ten pence reduced in size in 1990 and 1992, respectively and the fifty pence was trimmed down in 1997. The larger versions of the 5-, 10- and 50-pence are no longer legal tender. To pull out all the counterfeits, the government may do the same and withdraw legal tender status of the 1983-2016 coins.

I would not be surprised to see that the same action could be taken once a large number of new 12-sided one pound coins are minted and well into circulation. The bimetallic two-pound coin took two years to implement, but the sheer number of one pound coins needed for daily commerce would be extremely large. Back in 1983, when the first nickel-brass one pound coins were issued, just over 443 million of the coins had to be minted. Undoubtedly, a similar number would be required for circulation three years hence.

 

http://www.royalmint.com/aboutus/news/the-new-1-pound-coin

 

If dollar coins circulated in the USA the US mint would have to combat counterfeiting - the Sacagawea dollars are counterfeited in Colombia and circulated in Ecuador where they use US dollars.

 

*rats* ... I was hoping for a bit more from the ol' reverse ...

=> oh well, at least it's not the Royal baby and mother!!

 

Right, if there were any circulating coins (I mean, actually in circulation) above the 0.25 denomination in the US, they may have to be better protected against counterfeiting.

And Steve, this is merely a prototype. Note the "2014" date (which coins that are issued in 2017 are unlikely to have ) and the mint's logo on the other side ...

Christian

 

Roger that, squadron leader ...

... I'm still hopeful that they'll come-up big with a fantastic reverse!!

 

First I heard of them demonetizing the old ones; last time I was in England (1992) both the old and new ones were simultaneously in circulation (presumably, this was right at the transitional period). I even got a few pre-decimal coins in circulation then. Figuring out how much money I had at any time was kind of challenging lol... but I got a lot of great coins for my collection (I swear I must have taken home almost 20 pounds face value worth of British coins). They had already discontinued the 1 pound note then, as I recall. Felt a little weird having a pocketful of coins that at the time were worth about $2 US each!