Home / Articles / New £1 coin hits one billion landmark

New £1 coin hits one billion landmark

The billionth new £1 coin has rolled off the Royal Mint’s production line, as shoppers and retailers prepare to bid farewell to the ’round pound’.

The new 12-sided pound coin entered circulation in March and boasts high-tech security features to combat counterfeiting.
Around one in every 30 £1 coins in people’s change in recent years has been fake.
Exchequer Secretary to the Treasury Andrew Jones, who is visiting the Royal Mint’s headquarters in Wales to mark the one billion milestone, said: “This coin is the most secure of its kind in the world and was brought in to clamp down on the multimillion-pound cost of counterfeits.”

Video: New £1 coin is most secure ever: Mint

Meanwhile, people are being urged to spend, bank or donate their ’round pounds’ to charity before they lose their legal tender status on 15 October.
Research suggests one in three people still have old pound coins stashed away, the Treasury said.
Chief executive and deputy master of the Royal Mint, Adam Lawrence, said: “Many of the old round pounds returned will be melted down to make the new coins so we’re asking everyone across the UK to make sure they check their coin jars and piggy banks for round pounds.”

Source: Sky

About Business Ideas UK

My name is Joel Bissitt. I have been an entrepreneur for 24 years and have run many small businesses across various sectors. For the last 10 years I have worked mainly within online media, franchising and small business start-ups.

Check Also

Another 40 Poundworld stores to close

Forty more Poundworld stores are to close later this month, leading to the loss …

Free Franchise Guide
close slider

Free Franchise Guide

Interested in buying a franchise? The our FREE Franchise Guide is a must! The guide contains lots of information to help you decide if franchising is right for you.

Yes, I'd like to join the Franchise UK mailing list.