What’s This About A New £1 Coin?
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In an attempt to avoid forgery, there have certainly been a number of changes made to our British sterling over the last few months. With the new £5 note already in circulation, we will soon be seeing a 12-sided £1 coin around too. So, what should we expect from the new coin, and how long do we have before the old one ceases to be legal tender?
Believe it or not, a 15-year-old schoolboy won a competition to create the new coin face, which uses famous symbols that represent the four countries that make up the United Kingdom, celebrating a union between them all. It will be thinner and lighter than what we’re used to, and will include a fancy hologram that changes from a £ to a 1 when seen from different angles.
Well, it’s certainly interesting. Though many people have expressed dislike regarding the new polymer notes, and are unhappy about the changes to our £1 coin, according to the Royal Mint it will be the “most secure coin in the world.” So, let’s not complain too much!
The change won’t affect our lives particularly drastically, and all it may mean is heading down to the bank to swap over to the new tender. However, it’s important to be aware of some key dates so that you don’t miss out on swapping over your money!
March 28 – new coin comes into circulation.
October 15 – shops are told not to accept old £1 coins or distribute them in change.
After October 15 – for a limited period, banks and post offices will still allow customers to deposit old £1 coins into their bank account.
What about our old £5 notes?
Already, about half of our old notes should have been replaced by the new polymer notes.
May 5 – the paper £5 note will cease to be legal tender and so will no longer be accepted in shops.
However, you will still be able to exchange your note with the Bank of England.