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New £1 coin: Do you like it? Will it fit in supermarket trolleys?

By The Citizen  |  Posted: March 19, 2014

Pound

New 12-sided £1 coin will be in circulation by 2017

Comments (17)

No longer round but will the new £1 coin still be sound as a pound?

A new twelve sided pound will replace the existing coin in a bid to fight back against forgers.

The new coin will still fit in supermarket trolleys, parking meters and vending machines.

The Government expects the new coin to be introduced in 2017, replacing the existing £1 coin that has been in circulation for 30 years.

Based on the old threepenny bit, the Bank of England claims it will be as secure as modern banknotes and save the taxpayer millions by cutting down on fraud.

Chancellor George Osborne is due to announce the new coin today.

The Queen’s effigy will be on the ‘heads side’, but a public competition will decide on the design for the ‘tails side of the coin.

The Treasury said: “With advances in technology making high value coins like the £1 ever more vulnerable to counterfeiters, it’s vital that we keep several paces ahead of the criminals to maintain the integrity of our currency.

“We are particularly pleased that the coin will take a giant leap into the future, using cutting edge British technology while at the same time paying a fitting tribute to past in the 12-sided design of the iconic threepenny bit.”

Kelvin Reynolds, director of policy and public affairs at the British Parking Association, said: “Parking operators have long expressed concerns about a rise in counterfeit £1 coins and the inconvenience this causes to motorists when coins are rejected by parking payment machines and the losses incurred as a result.”

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17 comments

  • uk_socrates  |  March 20 2014, 5:29PM

    @Supervova1. We use a huge amount of energy making coins and cash!. Think of all the effort and money and energy that goes into getting the metal out of the ground. Think of all the time wasted counting it at the end of a shift, then think of all the time and effort involved moving it around in special vans. Pocket calculators can cost as little as £2 to purchase, and sim cards cost around £1. I was only thinking of possible solutions in the event of a nation-wide power cut. Well I don't know how much it would cost to make smart debit and credit cards, but clearly if the world is running out of power, then my invention is very very good, as companies and people will be looking to invest in offline payment options and so on. So maybe £4-5 per a card? Which is pretty reasonable. Also if power is running out, then the transportation of cash will also become more expensive. (Presuming cars of the future still use petrol)

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  • supernova1  |  March 20 2014, 4:27PM

    uk_socrates.........the world is running out of power, such that we are growing trees, just to mash up to burn in power stations, so your idea is plain crazy. There is nothing wrong with cash. There are £45million counterfeit one pound coins in circulation, about 3% I believe, out of 1.5 billion. So it has to be said, are the conversions going to cost more than £45m?

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  • RoadWombat  |  March 20 2014, 3:50PM

    The more complicated you make things, the more likely they are to go wrong... Keep it simple!

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  • uk_socrates  |  March 20 2014, 3:41PM

    @GlosAnarchy. Some new remote/rural PDQ machines communicate to payment centers through the mobile phone network. So unless there was a nation wide power-cut, it would still be possible to accept card payments. Alternatively it wouldn't be that complex to actually build a small calculator screen into debit/credit cards, that runs off solar power/a small watch battery. This could display the balance, and allow two cards to exchange money without going through a central payment center. This would also be great as people would be able to see their balance at all times. The balance could be updated either via a sim card or connect automatically to various WIFI spots, in a national power-cut situation, a manual over-ride could be programmed into the card, and the card could connect physically to a merchant card to exchange funds directly. (The minute the power comes back on, the card would instantly update the payment center). Most businesses can accept offline card payments during a power-cut, buts its risky, as there is no guarantee the money is in the account. Having a card display a balance would get around this issue. Also during a national power-cut is very difficult to purchase things in the first place. Pumps typically don't work at petrol stations, most super-markets also close as the tills also do the job or auditing stock levels and so on. Again this is a relatively minor issue. How often do we have large scale power-cuts? Its pretty rare. Also having everyone pay for things electronically would pretty much make tax evasion impossible, and the sale of illegal drugs would also be very hard as well. Likewise terrorist groups would struggle to pay for weapons and explosives, and the government would be able to have instant live data about peoples wages and salaries and see exactly how much the average household is spending on food, gas, and water every month. Also we could scrap paper receipts, and instead payments could be tagged to online-receipts.

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  • Glos_Lad34  |  March 20 2014, 1:39PM

    By the looks of it they will have to change the shape of the current hole as it doesn't look it fits.

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  • GlosAnarchy  |  March 20 2014, 11:05AM

    uk_socrates - PDQ machines require some form of communications to the payment center to authorize payments. If you have a power cut then how are you going to communicate, no Internet, no mobile network (transmitters require power) and no analog connection as the base station will require power! Your merchant services have a failure HSBC did a few weekends ago NO card payments for over a day (Internet, Mobile or Analog phone) Cash is still needed!

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  • honslknjklyt  |  March 20 2014, 12:38AM

    pretty.

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  • uk_socrates  |  March 19 2014, 6:30PM

    @RoadWombat, those any tiny issues.... Tips can be paid via text payments. Alternatively some restaurants now offer a tip option on the bill. Buskers can carry card machines. There is one that works with an iphone for £99. (Izettle). With regards to power-cuts there are now PDQ machines that are battery operated for rural remote payments.

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  • RoadWombat  |  March 19 2014, 5:58PM

    Giving a waiter a tip that won't get taken by the management?

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  • RoadWombat  |  March 19 2014, 5:58PM

    Will buskers have to carry a card machine?

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