There’s a new quid on the block as a shiny new £1 coin starts turning up in the nation’s wallets and pockets.
The Royal Mint, in Llantrisant, South Wales, has produced 1.5 billion new £1 coins at a rate of up to 2,000 each minute and a staggering three million in total every day.
The new 12-sided coin, which resembles the old threepenny bit for those old enough to remember, entered circulation on March 28 – although it might be a little while later before you start seeing it in your loose change.
The new coin boasts high-tech security features, including a hologram.
It is being produced following concerns about sophisticated counterfeiters’ ability to produce fakes of the old “round pound”, which was first introduced more than 30 years ago.
Around one in every 30 £1 coins in people’s change in recent years has been a fake.
A number of trial coins were made last year and are not legitimate tender but they’re being flogged for hundreds of pounds on eBay .
An eBay seller, “Glanvog”, sold his edition for £200 last month, after bidders ramped up the war for the sought after coin.
Experts are now predicting their value to spike even further after launch.
“These new £1 trial coins are fascinating, especially considering the financial precedent of the £2 trial coins in 1994, which have since become one of the most sought after collectable coins in Britain,” said Alex Cassidy.
“If these new trial coins turn out to be as valuable as 1994’s, then anyone who gets their hands on them now could be sitting on a future goldmine.”
The Royal Mint said it issued over 200,000 trial samples of the new £1 coin to industry stakeholders so it could satisfy the necessary criteria. It said the trial pieces are marked with the word ‘trial’ and do not have legal tender status.
Coins stamped 2016
Some of the new £1 coins dated ‘2016’ are in circulation and are already being listed on eBay for as much as £250 .
With around 1.5 billion new £1 coins required for the launch, the Royal Mint said it started producing them last year.
This means that all coins created last year are dated 2016 before the date was switched to 2017 this year.
Any new designs released
“2017 is expected to be a good year for collectors, with the trend of 50p collectible limited release coins continuing into the new £1 coins,” Alex told Mirror Money.
“That’s the main thing to look out for in the near future, because the first run of those collectibles will be huge.”
Chards is a leading coin and bullion dealer based in the UK. The firm buys and trades coins, jewellery and specialises in valuable gold and silver.
According to the experts, the most valuable of all the £1 coins will be the ‘proof’ coins – the special pre-production samples – often used for “approval” purposes and produced to a much higher standard of finish.
A Chards statement said: “Bear in mind they are producing over 2.2 billion £1 coins this year.
“We do not think that the 2017 circulation £1 coin will be a good investment – however, the collector coins such as the silver proof, silver proof piedfort and gold proof will be the ones to invest in.”
“As with the current £2 coins, the 2017 £1 coin is bi-metallic – in this case an outer ‘gold’ coloured nickel-brass band with an inner ‘silver’ coloured cupro-nickel disc,” Alex said.
“Because of this, any potential die errors during production, which occurs when the dies have become misaligned, could be worth a lot of money.
“Punters should pay attention to both the floral crown on the reverse side for any rotations, as well as the Queen’s head, which should sit directly above the new bevelled edge.”