New shape £1 coin announced.

That's because, back at that time (1992), the specifications of the pre-decimal shilling and florin coins matched those of the decimal 5p and 10p pieces. And yes, those older and bigger 5p, 10p and 50p coins have been taken out of circulation.

Also, in 2012 the Cu-Ni pieces (5p and 10p) were replaced by nickel-plated steel coins. These "old" ones will gradually be taken out of circulation too. (The 20p and 50p pieces are still copper/nickel.)

Christian

 

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