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The Conversation
Is this the most secure coin in the world?
Royal Mint
Although people are becoming increasingly reliant on electronic forms of financial transaction, the introduction of a new coin still feels like an important occasion. The new £1 coin, which enters circulation on March 28, is described by the Royal Mint as “the most secure coin in the world”. It is likely to be controversial.
The coin it replaces, introduced in 1983, had become prone to counterfeiting, with about 3% of £1 coins estimated to be forgeries. To stymie the counterfeiters, the new coin incorporates a range of security measures, including micro-lettering, a bimetallic design, a hologram-like “latent image”, and a mysterious hidden feature intended to future-proof the coin against as yet unspecified threats.
It will also have 12 sides, and so harks back to one of the most fondly remembered coins of the 20th century, the dodecagonal threepenny bit. This threepenny coin was first introduced in March 1937 and was withdrawn after decimalisation in 1971.
The old threepenny coin. Slashme via Wikimedia Commons, CC BY-SA
Yet for all the nostalgia associated with the reintroduction of a 12-sided coin, it should be remembered that the 1937 threepenny was not widely feted when initially introduced. It was the first non-circular coin to be struck in Britain, and was so unusual when it entered circulation that the Nottingham Evening Post wryly observed that “we shall know that the British public is past being surprised at anything” if “nobody jibs at receiving … a strange [polygonal] coin”.
The physical feeling of cash encourages us to develop emotional feelings about it. The new £1 coin is thinner, lighter and slightly broader than its predecessor, and it seems likely that the shock of the new will ensure that it generates debate. As was the case with the new five pound note introduced in September 2016, some will welcome it, others abhor it. Opinions will abound. But we shall have to see whether novelties in the British coinage are still capable of inspiring hostile verses, as they were in the 1930s when a disgruntled poet wrote to the Manchester Guardian to insist that:
... I would not fritter breath
... Upon that alien, new-fangled, thick
... Intractable dodecagon.
Feelings run high because people do not think about cash money in purely economic terms – they judge and relate to coins and banknotes as elements of a material culture. Assessments are made based on individual taste. Personal relationships can also be formed with inanimate monetary tokens, and through them with the economic systems they embody and represent. And like all relationships, they take time to establish.
Give it time
People will, of course, get used to the new coin. It will quickly become an entirely unremarkable part of our daily routine, its specific dimensions and angular edges – at first touch so strange and unusual – will become familiar under people’s finger tips. Of course, they do not need to like a coin for it to remain useful to them, and the new pound will still be worth a pound, even if we hanker after the well-worn and comforting curves of its precursor.
The process of familiarisation takes time. But there are some coins that the public never warms to, or actively rebuffs: the 1887 double florin (worth four shillings) was withdrawn after just four years. And for a while, the 1937 threepenny was at risk of being added to the list of numismatic rejects. Being 12-sided, it was thought to look insufficiently British – polygonal coins were at the time associated with “foreign” currencies.
The 1887 double florin that was rejected after four years. Coinman62
Plus, the threepenny was an unusual colour – its nickel-brass composition lent it a distinctive yellow tinge. It also had no history and people didn’t know what to call it – newspapers ran competitions asking readers to suggest a suitable nickname, which would bring it into line with popular coins such as the tanner (sixpence) or bob (shilling). In Scotland, many harboured a preference for the smaller, lighter, rounder silver threepenny, which the Mint continued to produce until 1945. The two threepennies had to compete for the public’s affections.
Distrust lingered because of the time it took to produce enough dodecagonal threepennies for them to become commonplace. Of the first 30m struck, most quickly vanished from sight, hoarded in personal collections rather than circulating freely. The Mint eventually forced the new coins into wider circulation by asking government departments to include them in the pay packets of state employees. It was only during World War II, with bronze pennies in short supply, that the 12-sided threepenny came to enjoy any real popularity. Its unique shape also made it easy to distinguish by touch in the blackout.
The extensive promotional campaigns run by the Mint ahead of the new £1 coin’s introduction suggest that lessons have been learned from the past. A concerted effort has been made to prepare the public for the change. And as cash is less important these days, whether or not the public develops any sort of affection for the this coin that seeks to blend the old and the new might not, in the end, matter tuppence.
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Author
Richard Farmer
Research Associate, Film Studies/Cultural History, University of East Anglia
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Richard Farmer does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond the academic appointment above.
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New one pound coin could bring wave of chuggers to Britain's streets
Watch | New 12-sided £1 coin to enter circulation on Tuesday
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Katie Morley
28 MARCH 2017 • 2:20PM
The new pound coin could bring a wave of chuggers to the streets this summer as the Government tells charities to get out with their buckets and collect old coins.
The 12-sided one pound coin enters circulation today, and replaces the familiar round £1 coin, which has been in circulation since 1983.
new pound
The new 12-sided £1 coin enters circulation today CREDIT: JASON ALDEN/BLOOMBERG
From Oct 15 2017, round pounds will cease to be legal tender, giving people six months to spend, bank or donate them.
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New £1 coin's 'hidden' security feature
By Brian Milligan
Personal Finance reporter
27 March 2017
From the section Business
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detail of new £1 coinImage copyrightROYAL MINT
The new 12-sided £1 coin - which comes into circulation on Tuesday - has a hidden security feature to make it difficult to counterfeit.
It is thought to involve material inside the coin itself which can be detected when electronically scanned by coin-counting or payment machines.
But officials at the Royal Mint have not released any further details.
Other security measures include an image that works like a hologram, and micro-sized lettering inside both rims.
As a result, the Mint claims it will be the 'most secure coin in the world'.
It will replace the existing £1 coin, of which about one in 40 are thought to be fake.
'It's been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come,' said Adam Lawrence, chief executive of the Royal Mint.
Media captionA brief history of decimal coins
The old coin will remain legal tender until 15 October this year, after which shops are under no obligation to accept it.
After that date, consumers will have to take the coin to a bank to exchange it.
Supplies of the new coin have initially been delivered to 33 banks and post offices around the UK (see list below).
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Coins already made at the Royal MintImage copyrightPA
Thickness: 2.8mm - thinner than old coin
Weight: 8.75g - lighter than old coin
Diameter: 23.43mm - larger than old coin
Number to enter circulation: 1.5 billion - about 23 per person. Old £1 coins will be melted down to make new ones
Outer ring: gold-coloured, made from nickel-brass
Inner ring: silver-coloured, made from nickel-plated alloy
Where can I get one?
To start with, supplies of the new coin have been delivered to 33 banks and post offices throughout the UK, including seven in Scotland, three in Wales and two in Northern Ireland.
They will gradually become more widespread over the next few weeks.
Lloyds Bank, which has the biggest branch network in the UK, said most of its customers would start to see the coins from Wednesday this week.
The coins will be available on Tuesday in the following towns and cities:
Aberdeen: Clydesdale, Queens Cross
Bath: Post Office, Northgate St
Belfast: Bank of Ireland, High Street; Ulster Bank, Donegall Square East
Birmingham: Lloyds, New Street; Post Office, Pinfold Street
Cardiff: Barclays, St David's Centre; Lloyds, Queen Street; HSBC, Churchill Way
Edinburgh: Barclays, Princes Street; RBS, St Andrew Square; Clydesdale, George Street; Post Office, Frederick Street
Glasgow: Bank of Scotland, Argyle Street; Clydesdale, St Vincent Street
Leeds: NatWest, Park Row; Yorkshire, Briggate
Liverpool: NatWest, Castle Street
London: Barclays, Churchill Place; NatWest, Princes Street; Halifax, Old Broad Street; Post Office, William IV Street; HSBC, Station Road, Edgware;
Manchester: Barclays, Market Street; NatWest, Deansgate; Post Office, Spring Gardens; HSBC, St Anne's Square
Newcastle: 16 Northumberland Street
Sittingbourne, Kent: Santander High Street
York: Post Office, Lendal
Do you have a new £1 coin? What has your experience been like using it in machines? Email us at haveyoursay@bbc.co.uk.
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