New pound coin from March 28

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.

With an estimated 45m fake one pound coins in circulation a new coin in long overdue but will it really beat the fraudsters?

The Royal Mint believes it will as it uses state of the art technology which should make it the most secure coin in the world.

But there are those who believe our current currency systems are about to collapse. They obviously think the cost of a new coin is madness.

The cost of this new coin may outweigh any financial saving in the short-term. Supermarket trollies, vending machines, payphones, betting shop fruit machines, launderette washing machines and more will have to be amended or completely revamped.

The Daily Mail Online assesses the cost as a "£100 million bill to convert EVERY vending machine, parking meter and shopping trolley in Britain." The Royal Mint estimate £20 million.

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.

http://www.bbc.co.uk/news/uk-38480180