The Royal Mint has not delivered its most sterling work after thousands of the new £1 coins were found to be faulty and defective.
According to the Sun, people have reported that some of the new coins that have been handed to them have been melted, are out of shape, squashed and/or lack key design features.
The new £1 coin, which launched on 28 March, has been called the ‘most secure of its kind’ and is designed to reduce the cost on businesses and the taxpayer due to it being more difficult to fake.
Some 1.5bn new £1 coins will be brought into circulation this year by the Royal Mint. It’s estimated that 1 in 30 of the old £1 coins had been forged by counterfeiters.
New coin, new features
- 12 sided rather than round
- The coin is ‘bimetallic’, made up of ‘gold’ nickel brass on the outside and a ‘silver’ nickel-plated alloy inner ring
- The coin has a hologram type image which switches from a ‘£’ to ‘1’ when seen from different angles, and micro-lettering, which act as security features.
- There’s also a hidden high security feature to protect it from counterfeiting.
The Royal Mint said: ‘We have tight quality controls in place. However, variances will always occur in a small number of coins, particularly in the striking process, due to the high volumes and speed of production.’
Old coin deadline
You can use the old round £1 coin until 15th October, after that date they’ll no longer be legal tender. The Royal Mint advises spending any old £1 coins, or depositing those you have saved into a bank account.
After 15th October, you’ll still be able to deposit an old £1 coin with your bank. According to the Royal Mint, ‘specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly.’