What you need to know about the UK's new pound coin
- Published: Mar 19, 2015, 6 AM
1. Ditching the round pound
Yesterday Coin World reported that a reverse design for the Royal Mint's new £1 coin had been selected. A lot of readers might have said to themselves, "What new pound coin?"
If you're one of those readers, here's what you need to know:
- Currently, the £1 coin is a small, round coin.
- As many as 3 percent of those round £1 coins (about 45 million) are fake, according to a survey by the Royal Mint.
- The Royal Mint announced last March that a larger, ringed bimetallic, 12-sided pound coin will be put into circulation to combat the counterfeiting trend.
- The new coin will debut in 2017.
- The reverse design of the new coin was determined via a public competition.
- On Wednesday, it was announced that the winning submission (pictured above) was designed by 15-year-old student David Pearce.
Kitco.com listed the following prices per ounce at 11:50 a.m. ET Thursday:
5. Yesterday's most-read post
Low-mintage 'King of Morgan dollars' example sells for nearly $40,000
6. Being social