The new £1 coin is set to be introduced into circulation from March 28, and it has been touted as the most secure coin in the world.
The 12-sided coin has a hologram which changes from a £ symbol to a 1, and it uses gold and silver, which makes it harder to forge.
A lot of technology has gone into it, so anything that can improve security and stop fake coins from being used has to be a good thing.
I also really like the fact that each of the four flowers of England, Scotland, Wales and Northern Ireland are included on the coin. It’ll be interesting to see what will happen to the coin if Scotland votes to leave the UK in a possible referendum, but let’s cross that bridge when we come to it!
The obvious question to ask with the new £1 coin is, what happens to the old £1 coins?
The answer is that either coin can be used from March until October 15. From that point onwards, the round £1 coin will no longer be legal tender.
This means that it’s time to get those round £1 coins spent up, so if I were you I’d get rooting through that piggy bank and spend your dough!
You can picture how annoying it would be if you’ve been collecting coins for years, only to be told that, sorry, your £1 coins aren’t used anymore.
The new coins could also have a wider implication. For example, how will supermarket trollies work?
Asda, Morrisons and Sainsbury’s say their trollies will accept both versions of the coins, although I’m not sure how that will work.
Vending machines and parking meters will also have to be changed to accept the new coin, so plenty of change will have to take place over the next few months.
So whether you like it or not, the old £1 will not be around for much longer.
http://www.bbc.co.uk/news/uk-39278501
http://www.bbc.co.uk/news/uk-38480180