The new pound coin enters circulation today: everything you need to know

Emmy Griffiths

The new 12-sided one pound coin is here to replace the round £1, which has been in circulation since 1983. The Royal Mint has estimated that around 2.5 per cent of £1 coins currently in circulation are fake. The round pounds will still be in circulation until October 15 this year, giving the public six months to bank their savings, spend their spare change or donate it to charity.

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The new coin is in circulation today

Chief engraver at the Royal Mint told Wired: "In 30 years of minting – and 20 years of mine – there has probably not been any significant change in the way we secure coins. This is a big leap for us." As a result, charities have been encouraged to collect with buckets and collection tins so the public are more likely to donate their old pound coins to charity. The National Council for Voluntary Organisations' website reads: "Now is the time to get planning about fundraising work your charity could do around the coin over the summer. We’ll be putting out more resources such as fundraising ideas in the coming months, but we know the best ideas will come from the voluntary sector."

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The old pound coin will be in circulation until October

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Senior policy officer for the organisation, Michael Birtwistle, added: "We're expecting big fundraising efforts over the summer, with lots of bucket collections linked up with gift aid. We're exploring creative ways to get people to donate at supermarket tills, for example, recreating something similar to the charity token system that already exists in many branches." The design on the tails side of the coin was created by 15-year-old David Pearce, who, who won a competition to design the new coin, will feature four emblems representing the nations of Great Britain with a rose to represent England, a Scottish thistle, a shamrock to represent North Ireland and a leek to represent Wales.