Royal Mint £1 coin enters production
The face of Britain’s Queen Elizabeth will feature on a new 12-sided £1 coin, which has gone into production.
The Royal Mint has started manufacturing the currency, which will enter circulation in March 2017 and replace the old £1 coin for the first time in more than 30 years, at a rate of more than 4,000 a minute.
UK chancellor George Osborne said: “am delighted that the Royal Mint are now producing the most secure circulating coin anywhere in the world. With ground-breaking technology, developed in Wales, the new coin will help secure our economy and get rid of counterfeits.
“In a year’s time, the new coin, which will incorporate emblems from all four of our home nations, will line millions of pockets and purses around the UK.”
The queen’s image will remain on the traditional “heads” side of the new-look coin, while the “tails” side will feature a design created by 16-year-old David Pearce, who won a competition, organised by The Royal Mint on behalf of the Treasury.
After the £1 coin enters circulation in March 2017 there will be a six-month crossover period when both the old and new coins are in circulation.