Brits are being urged to spend their dosh before October 15 when the old coins will become obsolete.
The new pound, hailed as the “most secure coin in the world”, is set to enter circulation on March 28.
They will be thinner and lighter than the round pound, but slightly larger in diameter and feature an impressive hologram £1 sign.
The news comes after rare and valuable £5 notes engraved with a portrait of Jane Austen were released inro circulation.
“This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983”
Chief Secretary to the Treasury David Gauke
Announcing the date, Chief Secretary to the Treasury David Gauke said: “March 28 should be an important date in everybody’s calendar this year — as we will have a new quid on the block.
“This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before.
“Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before October 15.”
Replacing £1 notes, £1 coins were first launched on April 21, 1983 and the Royal Mint has produced more than 2.2 billion round pound coins since that time.
The Royal Mint is also launching 50p coins to honour Sir Isaac Newton and £2 coins paying tribute to Jane Austen and World War One.
Helen Dickinson, CEO of the British Retail Consortium (BRC), said there will be a transition period during which some vending systems may only be able to accept the old coin.
She said: “Through the British Retail Consortium, most major UK retailers have been engaged in discussions and planning with the Royal Mint and Her Majesty’s Treasury since the March 2014 announcement that a new pound coin would be introduced in 2017.
“Our aim is to ensure that the implementation of the new coin runs as smoothly as possible for our customers and staff. Our combined input into the project means we’re confident the new coin will address the issue of counterfeit coins for businesses and the general public alike, and will prove highly secure for customers to use.
“While there will be a natural transition period where some vending systems may only be able to accept the existing pound coin, our industry is committed to ensuring we’re fully prepared ahead of the launch in March.”
This article passed through the Full-Text RSS service – if this is your content and you’re reading it on someone else’s site, please read the FAQ at fivefilters.org/content-only/faq.php#publishers.
Recommended article: The Guardian’s Summary of Julian Assange’s Interview Went Viral and Was Completely False.