On March 28th 2017 the treasury will replace the existing £1 coin with a new 12 sided pound coin.
1.5 billion new £1 coins will be produced by the Bank of England.
All of us will have until October 31st 2017 to spend or bank our pre-existing £1 coins.
It would be wise to check that children know this information too. They need to check their money boxes in order to exchange their coins before deadline dates.
The five pound paper notes will be taken out of circulation on May 31st 2017.
The new plastic five pond notes have been in our purses and wallets since September 2016.
The new five pound note designs are supposed to help with conterfiet issues.
Likewise, the new £1 coin seems to be shaped like the old threepenny, which I find to be rather fascinating, in all honesty.
The Royal Mint say on their website that the new 12-sided design is ‘the most secure coin in the world’ which is great news in the ongiong battle against conterfeit currency.
The change of design of £1 coins will have additional knock on ramifications for industries across the United Kingdom.
For example, supermarket shopping trolleys all use existing one pound coins to release them from other trolleys – this will have to be changed.
Similarly, amusement arcade machines will need one pound coin slots redesigned for users before the new ones come into circulation.
So it’s time to start checking under the sofa cushions and jacket pockets for all of those loose £1 coins – you know they’re hiding somewhere, after all.
However, there will also be some new £2 coins that are entered into circulation, though they will maintain their current design.
Alongside some First World War aviation celebrations, Jane Austen will feature on a set of new £2 coins which will be minted in the spring.
This is to celebrate 200 years of the authors amazing works which includes Pride and Prejudice and Mansfield Park.
The new 50 pence piece will highlight the outstanding work of Sir Isaacs Newton on its new design also released spring 2017.
Jane Austens portrait will be shown on the new polymer £10 bank notes to be available from the summer of 2017.
This portrait was painted by her nephew James Edward Austen in 1870.
Finally a new £20 polymer note will be in circulation in 2020.
There are no plans for a new £50 note to date.