This is the first time a £1 coin has been introduced in over thirty years.
Around £1.3 billion worth of coins are stored in savings jars across the country,
and the current £1 coin accounts for almost a third of these.
The new £1 will be the most secure coin in the world, boasting several new security
features, including a hologram, to prevent counterfeits, which cost taxpayers and
businesses millions every year.
The design features four emblems to represent each of the nations of the United Kingdom
– the Scottish thistle, the English rose, the leek for Wales, and the shamrock for
Northern Ireland – emerging from a single stem within a crown.
The look of the coin is based on the design of the old 12-sided three-penny bit,
a popular British coin which went out of circulation in 1971.
Chief Secretary to the Treasury David Gauke said:“March 28 should be an important
date in everybody’s calendar this year - as we will have a new quid on the block.
“This is a historic moment as it’s the first time we’ve introduced a new £1 coin
since 1983, and this one will be harder to counterfeit than ever before.
“Our message is clear: if you have a round one pound coin sitting at home or in your
wallet, you need to spend it or return it to your bank before 15 October.”
The countdown to the new £1 coin officially begins today.
The new 12-sided coin enters circulation on 28 March.
People are encourage the public to return or spend the existing round £1 coins before
they lose legal tender status in October.