The government has confirmed the new 12-sided £1 coin will enter circulation TOMORROW (28 March).
The round £1 will be legal tender alongside the new, more-secure coin until 15 October.
The public are being urged to use their current £1 coins or bank them before they lose their legal tender status.
The government estimates around a third of the £1.3 billion worth of coins stored in piggy banks or saving jars around the UK are the current £1 style.
Some of those returned by the public will be melted down and used to make the 12-sided version.
The new style was announced in the 2014 budget and has been billed by the Royal Mint as “the most secure coin in the world”.
So why is the new coin is harder to counterfeit?
- 12-sided – its distinctive shape means it stands out by sight and by touch
- Bimetallic – The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy)
- Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles
- Micro-lettering – around the rim on the heads side of the coin tiny lettering reads: ONE POUND. On the tails side you can find the year the coin was produced
- Milled edges – it has grooves on alternate sides
- Hidden high security feature – an additional security feature is built into the coin to protect it from counterfeiting but details have not been revealed
For a photo of the new pound, head back to our October 2016 blog 🙂
In construction news this week…
O’Rourke fined £800,000 for Heathrow dumper truck death. Company fined after a worker was killed by a dumper truck driven by his brother at Heathrow Airport.
Lendlease launches “Futurehomes” in London. Lendlease is launching its new Futurehome eco-house concept in central London.
HTC crane drivers reject pay offer. The UK’s largest tower crane operator is facing an outbreak of industrial action over the summer after its drivers rejected a 3% pay offer.
In MECsafe news this week…
We still have plenty of availability on the following courses:
- CCNSG Refresher – 3rd April 2017
- Health & Safety Awareness (CITB) – 4th April 2017 (ask us about completing your CSCS test after the course)!
- SSSTS Refresher – 7th April 2017
- SSSTS – 6th & 7th April 2017
- IPAF 3a & 3b (Scissor Lift & Cherry Picker) – 7th April
If you would like any further information, please do not hesitate to contact us.