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The British one pound ( £1) coin is a denomination of sterling coinage. Its obverse has featured the profile of Charles III since 2024 and bears the Latin engraving CHARLES III D G REX (Dei Gratia Rex) F D (Fidei defensor), which means 'Charles III, by the grace of God, King, Defender of the Faith'.
The original, round £1 coin was introduced in 1983. It replaced the Bank of England £1 note, which ceased to be issued at the end of 1984 and was removed from circulation on 11 March 1988, though still redeemable at the bank's offices, like all English banknotes. One-pound notes continue to be issued in Jersey pound, Guernsey pound and the Manx pound, and by the Royal Bank of Scotland, but the pound coin is much more widely used. A new, dodecagonal (Dodecagon) design of coin was introduced on 28 March 2017 and both new and old versions of the one pound coin circulated together until the older design was withdrawn from circulation on 15 October 2017. After that date, the older coin could only be redeemed at banks, although some retailers announced they would continue to accept it for a limited time, and it remained in use in the Isle of Man.
The main purpose of redesigning the coin was to combat counterfeiting. As of March 2014 there were an estimated 1,553 million of the original nickel-brass coins in circulation, of which the Royal Mint estimated in 2014 that just over 3% were counterfeit. The new coin, in contrast, is Bi-metallic coin like the current £2 coin, and features an undisclosed hidden security feature called "iSIS" (Integrated Secure Identification Systems).
The current 12-sided pound coins are legal tender to any amount when offered in repayment of a debt; however, the coin's legal tender status is not normally relevant for everyday transactions.
The sovereign also has a nominal value of one pound, and remains legal tender for this amount, although the value of the gold it contains is now substantially greater than its nominal value, and so it is no longer in day-to-day circulation as currency.
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In August 2005 the Royal Mint launched a competition to find new reverse designs for all circulating coins apart from the £2 coin. "Royal Mint seeks new coin designs", BBC News, 17 August 2005 The winner, announced in April 2008, was Matthew Dent, whose designs were gradually introduced into the circulating British coinage from mid-2008. "Royal Mint unveils new UK coins" , dofonline.co.uk, 2 April 2008 The designs for the 1p, 2p, 5p, 10p, 20p and 50p coins depict sections of the Royal Shield that form the whole shield when placed together. The shield in its entirety was featured on the £1 coin. The coin's obverse remained unchanged.
The design of the reverse of the original coin was changed each year from 1983 to 2008 to show, in turn, an emblem representing the UK, Scotland, Wales, Northern Ireland, and England, together with an appropriate edge inscription. This edge inscription could just as often be "upside-down" (when obverse is facing upward). From 2008, national-based designs were still minted, but alongside the new standard version and no longer in strict rotation. The inscription ONE POUND appeared on all reverse designs.
In common with non-commemorative £2 coins, the round £1 coin (except 2004–07 and the 2010–11 "capital cities" designs) had a mint mark: a small crosslet found on the milled edge that represents Llantrisant in South Wales, where the Royal Mint has been based since 1968.
The reverse of the new 12-sided, bimetallic pound coin, introduced on 28 March 2017, was chosen by a public design competition. The competition to design the reverse of this coin was opened in September 2014. New One Pound Coin Royal Mint It was won in March 2015 by 15-year-old David Pearce from Walsall, and unveiled by Chancellor George Osborne during his Budget announcement. The design features a rose, leek, thistle and shamrock bound by a crown.
In October 2023 the King Charles III one-pound coin was presented; the coin features bees.
All years except 1998 and 1999 have been issued into circulation, although the number issued has varied enormously – 1983, 1984 and 1985 in particular had large mintages to facilitate the changeover from paper notes, while some years such as 1988 are only rarely seen (although 1988 is more noticeable as it has a unique reverse). Production since 1997 has been reduced as a result of the introduction of the circulating two pound coin.
The final round coins minted for 2016 and the 2015 Shield of the Royal Arms fifth portrait did not enter circulation, as they were only available through commemorative sets. These were the shield from the Royal Coat of Arms by Matthew Dent, and a design by Gregory Cameron, Bishop of St Asaph, of four heraldic beasts.
Counterfeits are put into circulation by dishonest people, then circulated inadvertently by others who are unaware; in many cases banks do not check, and circulate counterfeits. In 2011 the BBC television programme Fake Britain withdrew 1,000 £1 coins from each of five major banks and found that each batch contained between 32 and 38 counterfeits; the Mint estimated that about 31 per 1,000 £1 coins were counterfeit.Fake Britain, series 2 episode 1, first broadcast on BBC One TV on 16 May 2011 Some of the counterfeits were found by automated machinery, others could be detected only by expert visual inspection.
In July 2010, following speculation that the Royal Mint would have to consider replacing £1 coins with a new design because of the fakes, bookmakers Paddy Power offered odds of 6/4 (bet £4 to win £6, plus the £4 stake back; decimal odds of 2.5), that the £1 coin would be removed from circulation.
Some counterfeits were of poor quality, with obviously visible differences (less sharply defined, lacking intricate details, edge milling and markings visibly wrong). Many better counterfeits can be detected by comparing the orientation of the obverse and reverse—they should match in genuine modern UK coins, but very often did not in counterfeit round £1. The design on the reverse must be correct for the stamped year (e.g., a 1996 coin should have a Celtic cross).[5][6][7] Three blog entries analyzing counterfeits the author has been passed. blog.alism.com It was difficult to manufacture round pounds with properly-produced edges; the milling (grooves) was often incomplete or poor and the inscription (often "DECUS ET TUTAMEN") sometimes poorly produced or in the wrong typeface. A shiny coin with less wear than its date suggests is also suspect, although it may be a genuine coin that has rarely been used.
Counterfeit coins are made by different processes including casting, stamping, electrotyping, and copying with a pantograph or spark erosion. In a 2009 survey, 99% of fake £1 coins found in cash centres were made of a nickel-brass, of which three fifths contained some lead and a fifth were of a very similar alloy to that used by the Royal Mint. The remaining 1% were made of simple copper-zinc brass, or lead or tin, or both. Those made of lead or tin may have a gold-coloured coating; counterfeits made of acrylic resin containing metal powder to increase weight were occasionally found.
The final 'round pounds' were minted in December 2015; the replacement, a new 12-sided design, was introduced in 2017, the earliest dated as 2016. The coin has a 12-edged shape, similar to the pre-decimal brass threepence coin; it has roughly the same size as the previous £1 coin, and is bi-metallic like most £2 coins. The new design is intended to make counterfeiting more difficult, and also has an undisclosed hidden security feature called "iSIS" (Integrated Secure Identification Systems), thought to be a code embedded in the top layer of metal on the obverse of the coin, visible only under a specific wavelength of ultraviolet light.
Current two-pound coins, being bi-metallic (excluding some rarely tendered commemorative issues), remain harder to counterfeit than the round pound was; such counterfeits are often easily seen to have wrong colours.
Other pound coins that entered circulation
While the round pound was operational, others that entered circulation, although not legal tender in the UK, were some £1 coins of British Crown Dependencies, Gibraltar and UK South Atlantic Overseas Territories. Most coins of these territories, in all denominations, were of the same size and composition as a UK equivalent and most bore the same portraits of the UK monarch. After the UK replaced its round pound coins, these territories did not rush to do so; Gibraltar and the Isle of Man continued to use their round pound coins as well as the new UK pound coins and the other territories withdrew their round pounds without replacing them.
Further reading
In "Real Britannia", an April 1993 article in The New Yorker, Julian Barnes describes the meetings to choose the 1994–1997 reverse designs. This is reprinted in his book Letters from London as "Britannia's New Bra Size".
See also
Source
External links
target="_blank" rel="nofollow"> Royal Mint – the new pound coin
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