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New pound coins in 2017

Started by andyg, March 18, 2014, 11:47:34 PM

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Jostein

Quote from: Alan71 on March 18, 2016, 07:29:46 PM
I must have missed the details of the specifications of the new coin being announced.  Interesting that the new coin is 8.75 grammes, so 0.75 grammes lighter than the current coin, but its diameter is 0.53mm more.

Thats mean a thinner coin than the actual one ;)
"Change is the law of life. And those who look only to the past or present are certain to miss the future" - John F. Kennedy

http://www.bimetallic-coins.com

Alan71

^ Or that the metals used are very slightly lighter.

onecenter

With the thinner planchet, ever so slightly larger diameter and, of course, the new 12-sided shape, I would imagine the current round pounds will be recalled and demonetized similar to the original decimal five-, ten- and fifty pence.
Mark

augsburger

I'd expect a period where they're both in circulation. How many 1 pound coins are needed in circulation compared to the capacity of the mint to make 1 pound coins?

onecenter

Looking at mintage figures in the Standard Catalog of World Coins, over 800 million round pounds were issued in 1983-1985.  I would say that possibly a similar number may be needed to bring in the new 12-sided coin and then begin the process of withdrawing the older coins over the following five years.  There may be a desire to accelerate the round pound withdrawal process due to the counterfeiting issue.
Mark

<k>

Quote from: Alan71 on March 18, 2016, 07:29:46 PM
Interesting that the new coin is 8.75 grammes, so 0.75 grammes lighter than the current coin, but its diameter is 0.53mm more.

I've always felt that the pound coin is way too heavy. It was worse before the two pound coin came, because you used to get four pound coins in change from a five pound note. Too many of those was bound to make holes in your pocket. But only a 0.75g reduction is minimal, leaving the coin still too heavy, especially for its much reduced value since 1983.
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FosseWay

Quote from: augsburger on March 19, 2016, 01:15:42 AM
I'd expect a period where they're both in circulation. How many 1 pound coins are needed in circulation compared to the capacity of the mint to make 1 pound coins?

Quite apart from that, you need a period during which people can use up the old ones, and many people will only realise there's a change (and a deadline) when they start to actually see the new ones in use. IIRC six months to a year has been the norm in the UK. In Sweden we will have nearly a year, but the change involves all but one denomination of notes and coins.

Alan71

The changeover periods were six and a half months for the 1d and 3d, nearly seven months for the large 5p, nine months for the large 10p and six months for the large 50p, so I would imagine something similar for this one.  Always wondered why the large 10p was longer than any of the others.  The new one was issued on 30/9/92 and the old one didn't cease to be legal tender until after 30/6/93.

The sixpence had the longest one of all, at over nine years, but had no replacement and was kept as a sweetener for those against decimalisation.  I never saw one in change, though I was only eight in June 1980!

RED

The consultation paper (Which can be found HERE) suggested a 6 month cross-over period, as cash handling/counting businesses will incur extra expense ??? during this time. I don't think any official times have been decided upon yet.

As for the actual coin specs, here is the comparison of old to new.



and here is concept image, concept coin and the produced trial coins.



Notice how the real coins will be much rounder than the concept image & coin, they obviously forgot about the vending machines/coin mechs when designing it !! lol

Pabitra

Perhaps the changeover period has a direct link with intrinsic value of alloy which can be recovered by melting?

It could be number in circulation too.

The details of number of that coins issued and received back could be analysed too.

New Zealand was one country who gave exact data as to how many pieces never got returned.
Lost or collected by numismatists are some of the alternative states where those pieces must have gone.

Pabitra

Any coin with seven or more sided is considered round enough to roll down the chute in vending machines.

It can not afford to be very  round since the year is to be minted on the alternate edges.

Alan71

I wonder what "homogeneous non-ferrous inner" means?  Steel?  I'd have thought they could spare some cupro-nickel for such a high value coin?  The 50p still uses it.

The weight, 8.61g, is a bit awkward.  All new coins issued from the 20p onwards in 1982 have had nice rounded weights to either a full gramme or half (the 5p at 3.25 grammes was the only exception, but still better than .61 of a gramme!)

Alan71

I am quite excited about the new £1 coin... In my lifetime, the longest there's been in changes to the coinage from 1971 to 1998 was 11 years (the 20p in 1982).  By the time this £1 is issued it will be 20 years since the last new coin (the circulation £2 was introduced in 1997, although didn't enter circulation until 1998).  Personally I'm glad to see the back of the old coin.  Apart from the nice shiny new ones, the pound is the ugliest coin in circulation.  It wears badly and of course there are so many forgeries.

I really hope they do take this opportunity to redress the balance and get the £2 out there, so that the maximum number of £1 coins you'll get in change is one, with others being £2.  A handful of £1 coins is something I hope becomes a thing of the past.

andyg

Quote from: Alan71 on March 19, 2016, 01:16:04 PM
The weight, 8.61g, is a bit awkward.  All new coins issued from the 20p onwards in 1982 have had nice rounded weights to either a full gramme or half (the 5p at 3.25 grammes was the only exception, but still better than .61 of a gramme!)

You would think that it would have been logical for the £1 to be half the £2 weight so that they could be bagged and sorted together....
always willing to trade modern UK coins for modern coins from elsewhere....

Alan71

With the £2 being 12g, 6g for the £1 would be too light... Lighter than the 2p, 10p and 50p.  There's only the 1p & 2p, 5p & 10p that still have the weight-value relationship.  Even the old, commemorative single metal £2 wasn't the weight of two £2 coins, and the 50p has never weighed exactly two and a half 20p coins.  Not really sure why they kept it going for the small 5p and 10p really.  The 5p could have done with being a big bigger, and the 10p smaller.