There will be a new kid on the U.K. currency block Tuesday.
With millions of new pound coins ready to be released the clock will start ticking for the old coins.
The new coin is 12-sided and two tone. It is being hailed as the most secure coin ever but its introduction will cause some problems and costs to business. Just consider supermarket trollies and £1 coin machines; the new shape and thinner coin will require costly changes.
Both coins will be legal tender from March 28, 2017, until October 15, 2017.
If you have a savings jar full of £1 coins make sure you do not get caught out.
Old £1 coins that are returned will be used by the Royal Mint; they will be melted down and used in making the new coins.
Although the new coin was announced in the 2014 budget its release will catch some people out.
The coin has a similar look to an old threepenny piece in its shape.
In March 2014 we reported;
Days after the U.K. government announced a new one pound coin would be minted in order to try and beat the counterfeiters the jury is out on the good sense of such a move.
But there are so many fake £1 coins in circulation something had to give.
If this new coin is as secure as claimed it will be money well spent.