Advertisement

  1. ITV Report

New 12-sided pound coin officially enters circulation

The new 12-sided £1 coin Photo: PA Images

The new 12-sided £1 coin officially enters circulation today.

The Royal Mint have labelled the new coin 'the most secure in the world', saying it will be much more difficult to forge.

Jersey's Assistant Treasury Minister, Constable John Refault, previously told ITV that the counterfeits meant businesses were losing out.

Both faces of a 12-sided one pound coin at the Royal Mint in Wales. Credit: PA Images

Jersey and Guernsey aren't intending to introduce their own new coin, so the islands will rely on pound notes and the UK coin.

There will be a six month 'easing in period', before round pound coins are withdrawn from circulation in the Bailiwicks.

Islanders are being encouraged to exchange their 'old' pound coins at high street banks, which have been consulted as part of this decision.

Around £1.3billion worth of coins are stored in savings jars across the country, and the current £1 coin is thought to account for nearly a third of these.

The round pound coins will eventually lose their legal tender status in October. Until then, islanders can bank them or spend them.