New 12-sided £1 coin goes into production

The new 12-sided £1 coin has gone into production - a year before it is to be released.

New 12-sided £1 coin Credit: HM Treasury/PA

More than 4,000 coins are coming off the production line a minute, and they will enter circulation in March 2017 according to the Chancellor.

When the new coin is introduced, there will be a six-month crossover period when the current round pound coins and the new pound coins are both in circulation.

The current £1 coin is being replaced for the first time in more than 30 years because of its vulnerability to sophisticated counterfeiters.