The Round Pound Coin Days Are Nigh

As from 15 October the old round sided pound coin ceases to be legal tender.

Rules coming into force on that date will prevent shops handing out old £1 coins as change and will give shops the right to refuse them as payment.

However, there is no rule preventing shops (which are able to bank old £1 coins long after this date) accepting the coins after 15 October.

Forgery Proof £1 Coin Falls Apart

Oh dear it appears that the new £1 coins, that are allegedly forgery proof, have one small defect.

They fall apart!

It seems that thousands of new £1 coins have been produced with major flaws that have seen the centres fall out. 

Owners of £1 coins with centres missing have been putting them up for sale on eBay, with some reportedly selling for almost £2,500.

New £1 Coin

In an effort to reduce forgeries, the Royal Mint will be introducing a new £1 coin in 2017.

The coin, which the Mint claims will be the "most secure coin in the world", is based on the design of the old threepenny bit, a 12-sided coin in circulation between 1937 and 1971. This is ironic, as given that due to the ravages of inflation £1 can now buy not much more that 3d used to be able to.

A competition will be held to decide what image to put on the "tails" side of the coin.

Suffice to say, the introduction will give rise to costs eg machines that accept coins will have to be altered.