If you didn’t think Britain was going through enough change already, wait until you see the new pound coin.
Instead of the rounded coin you’re used to handling, a new pound coin introduced by the Royal Mint will be dodecagon shaped – or 12-sided.
The Treasury is urging businesses to prepare for the introduction of the new pound coin, which comes into circulation in March.
Here’s what it will look like:
The Royal Mint and the Government will take the circular 30-year-old pound coin out of circulation, with the new version featuring 12 sides.
All machines accepting cash will have to be updated.
But for a six-month transitional period businesses will need to find ways to accept both the old and new coins. After that, the existing round pound coin will be phased out.
The Government claims that the new coin will be the ‘most secure of its kind in the world’ and will combat counterfeiters who already have around 45 million counterfeit £1 coins in circulation.
New security features include a hologram-like image that changes from a pound symbol to the number one when the coin is seen from different angles, mirco-lettering, and grooved edges, the BBC reports.
It will also be a new colour, with the outer ring gold coloured and the inner ring silver coloured.
Today I will deliver a Budget for a resilient economy – starting with a resilient pound coin pic.twitter.com/Ev2IuNpXg4
— George Osborne (@George_Osborne) March 19, 2014
A new website hosted by the Royal Mint suggests that businesses should check before March whether any of their cash handling equipment needs updating, and make sure machines that take coin payments can handle both the old and the new versions during the transition period.
After Autumn 2017, businesses should no longer accept the existing round coin from customers or distribute it themselves.
If you’re not a business owner and just happen to find some old pound coins between the cushions of your couch, it will still be possible to deposit the old coins at most High Street banks and the Post Office.