One pound (British coin)

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This article is about the British one pound coin issued since 1983. For other coins worth one pound or other currencies called "pound", see £1.
One pound
United Kingdom
Value 1 pound sterling
Mass 9.5 g
Diameter 22.5 mm
Thickness 3.15 mm
Edge Milled, with incuse lettering
Composition Nickel-brass
(70% Cu, 24.5% Zn, and 5.5% Ni)
Years of minting 1983-present
Obverse
British one pound coin 2012 obverse.png
Design Queen Elizabeth II
Designer Ian Rank-Broadley
Design date 1998
Reverse
British one pound coin 2012 reverse.png
Design Royal Shield
Designer Matthew Dent
Design date 2008

The British one pound (£1) coin is a denomination of the pound sterling. Its obverse has featured the profile of Queen Elizabeth II since the coin’s introduction in 1983. Three different portraits of the Queen have been used, with the latest design by Ian Rank-Broadley being introduced in 1998. The current standard reverse, featuring the Royal Shield, was introduced in 2008. In addition to the standard reverse one or two new designs are minted each year.

The coin was introduced on 21 April 1983 to replace the Bank of England one pound note which ceased to be issued at the end of 1984 and was removed from circulation (though still redeemable at the Bank's offices, like all English banknotes) on 11 March 1988. One-pound notes continue to be issued in Jersey, Guernsey, and the Isle of Man, and by the Royal Bank of Scotland, but the pound coin is much more widely used.

As at March 2013 there were an estimated 1,528 million £1 coins in circulation with an estimated face value of £1,528.274 million.[1] The Royal Mint estimates that 3.04% are counterfeit.[2][3]

In 2017, a new 12-sided design is to be introduced. The coin is to be of a similar 12-sided shape to the pre-decimal brass threepence coin, have roughly the same size as the current £1 coin and will be bi-metallic like the current £2 coin. The new design is intended to make counterfeiting more difficult, also via an undisclosed hidden security feature.[4][5]

Design[edit]

To date, 3 different obverses have been used. In all cases, the inscription is ELIZABETH II D.G.REG.F.D. 2013,[6] where 2013 is replaced by the year of minting.

As with all new decimal currency, until 1984 the portrait of Queen Elizabeth II by Arnold Machin appeared on the obverse,[7] in which the Queen wears the 'Girls of Great Britain and Ireland' Tiara.

Between 1985 and 1997 the portrait by Raphael Maklouf was used,[7] in which the Queen wears the George IV State Diadem.

Since 1998 the portrait by Ian Rank-Broadley has been used,[7] again featuring the tiara, with a signature-mark IRB below the portrait.

In August 2005 the Royal Mint launched a competition to find new reverse designs for all circulating coins apart from the £2 coin.[8] The winner, announced in April 2008, was Matthew Dent, whose designs were gradually introduced into the circulating British coinage from mid-2008.[9] 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 is featured on the £1 coin. The coin's obverse remains unchanged.

The design of the reverse of the coin was changed each year from 1983 through 2008 to show, in turn, an emblem representing the UK, Scotland, Wales, Northern Ireland, and England, together with an appropriate edge inscription. Since 2008, national-based designs have still been minted, but alongside the new standard version, and no longer in strict rotation. The inscription ONE POUND appears on all reverse designs.

In common with non-commemorative £2 coins, the £1 coin (except 2004–07 and the 2010–11 'capital cities' designs) has 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.[10]

The reverse of the new 12-sided pound coin, to be introduced in 2017, is to be chosen via a public design competition.[4]

Year Design Nation represented Edge inscription Translation Mintage
1983 Ornamental royal arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 443,053,510
1984 Thistle sprig in a coronet Scotland NEMO ME IMPUNE LACESSIT No one will attack me with impunity 146,256,501
1985 Leek in a coronet Wales PLEIDIOL WYF I'M GWLAD True am I to my country 228,430,749
1986 Flax in a coronet Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 10,409,501
1987 Oak tree in a coronet England DECUS ET TUTAMEN An ornament and a safeguard 39,298,502
1988 Crown over the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 7,118,825
1989 Thistle sprig in a coronet Scotland NEMO ME IMPUNE LACESSIT No one will attack me with impunity 70,580,501
1990 Leek in a coronet Wales PLEIDIOL WYF I'M GWLAD True am I to my country 97,269,302
1991 Flax in a coronet Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 38,443,575
1992 Oak tree in a coronet England DECUS ET TUTAMEN An ornament and a safeguard 36,320,487
1993 Ornamental royal arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 114,744,500
1994 Lion rampant within a double tressure flory counter-flory Scotland NEMO ME IMPUNE LACESSIT No one will attack me with impunity 29,752,525
1995 Dragon passant Wales PLEIDIOL WYF I'M GWLAD True am I to my country 34,503,501
1996 Celtic cross, Broighter collar and pimpernel Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 89,886,000
1997 Three lions passant guardant England DECUS ET TUTAMEN An ornament and a safeguard 57,117,450
2000 Dragon passant Wales PLEIDIOL WYF I'M GWLAD True am I to my country 109,496,500
2001 Celtic cross, Broighter collar and pimpernel Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 63,968,065
2002 Three lions passant guardant England DECUS ET TUTAMEN An ornament and a safeguard 77,818,000
2003 Ornamental royal arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 61,596,500
2004 Forth Bridge Scotland Two overlapping lines, one curved and one angular N/A 39,162,000
2005 Menai Suspension Bridge Wales Two overlapping lines, one curved and one angular N/A 99,429,500
2006 MacNeill's Egyptian Arch at Newry Northern Ireland Two overlapping lines, one curved and one angular N/A 38,938,000
2007 Millennium Bridge, Newcastle/Gateshead England Two overlapping lines, one curved and one angular N/A 26,180,160
2008 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 43,827,300
2009 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 27,625,600
2010 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 57,120,000
2010 Coat of Arms of the City of London England DOMINE DIRIGE NOS Lord, guide us 2,635,000
2010 Coat of Arms of Belfast Northern Ireland PRO TANTO QUID RETRIBUAMUS For so much, what shall we give in return? 6,205,000
2011 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 25,415,000
2011 Coat of Arms of Cardiff Wales Y DDRAIG GOCH DDYRY CYCHWYN The Red Dragon shall lead 1,615,000
2011 Coat of Arms of Edinburgh Scotland NISI DOMINUS FRUSTRA In vain without the Lord 935,000
2012 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 35,700,030
2013 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 13,090,500
2013 Oak and rose England DECUS ET TUTAMEN An ornament and a safeguard 5,100,000
2013 Leek and daffodil Wales PLEIDIOL WYF I'M GWLAD True am I to my country 4,930,000
2014 Shamrock and flax plant[11] Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard -
2014 Thistle and bluebell[11] Scotland NEMO ME IMPUNE LACESSIT No one will attack me with impunity -

All years except 1998 and 1999 have been issued into circulation, although the number issued has varied enormously – 1983 and 1984 in particular had large mintages to facilitate the changeover from paper notes, while some years such as 1986 and 1988 are only rarely seen (although 1988 is more noticeable as it has a unique reverse). Production since 1997 has been reduced, thanks to the introduction of the circulating two pound coin.

Mintages[edit]

Counterfeiting[edit]

Royal Mint surveys estimate the proportion of counterfeit £1 coins in circulation. This was estimated at 3.04% in 2013, a rise from 2.74%.[2][3] The figure previously announced in 2012 was 2.86, following the prolonged rise from 0.92% in 2002–2003 to 0.98% in 2004, 1.26% in 2005, 1.69% in 2006, 2.06% in 2007, 2.58% in 2008, 2.65% in 2009, 3.07% in 2010 and 3.09% in 2011.[13][14] Figures have generally been reported in the following year; in 2008 (as reported in 2009), the highest levels of counterfeits were in Northern Ireland (3.6%) and the South East and London (2.97%), with the lowest being in Northwest England.[15][16][17] Coin testing companies estimated in 2009 that the actual figure was about twice the Mint's estimate, suggesting that the Mint was underplaying the figures so as not to undermine confidence in the coin.[18] It is illegal to pass on counterfeit currency knowingly; the official advice is to hand it in, with details of where received, to the police, who will retain it and investigate.[19][20] One article suggested "given that fake coins are worthless, you will almost certainly be better off not even looking".[18] The recipient has recourse against the supplier, as in any such case.

Counterfeits are circulated not only by incautious (or dishonest) people but also inadvertently by banks. A 2011 BBC television programme withdrew 1,000 £1 coins from each of five major banks and found that each batch contained between 32 and 38 counterfeits, compared to about 31 estimated by the Mint.[19] 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), that the £1 coin would be removed from circulation.[16][21]

In addition to obviously visible differences and poor quality (poorer counterfeits generally look less sharply defined, lacking intricate details), many better counterfeits can be detected by comparing the orientation of the obverse and reverse—they always match in genuine coins, but very often not in counterfeits.[19][20] The design on the reverse must be correct for the stamped year (e.g., a 1996 coin should have a Celtic cross).[22] It is difficult to manufacture coins with properly-produced edges; the milling (grooves) may be incomplete or poor and the inscription (often "DECUS ET TUTAMEN") may be poorly produced and sometimes in the wrong typeface.[19] A shiny coin with less wear than its date suggests is also suspect (although it may be a genuine coin left at the back of a drawer).[20]

Counterfeit coins are made from several metals and by different processes including casting, stamping, electrotyping, copying with a pantograph or spark erosion.[23] Counterfeits made of acrylic plastic containing metal powder to increase weight, have occasionally been found.[23] Counterfeits may be made of a metal of the same colour as genuine coins (often brass) or coated.

Two-pound coins, made from two metals of different colour, are much harder to counterfeit; counterfeited coins are often easily seen to be the wrong colour.

The Swazi lilangeni is minted from the same planchets as the British pound coin, hence has the same chemical constitution, diameter and mass.[24] The lilangeni is worth less (about 7 pence in 2013); this has enabled it to be used for vending machine fraud and payment fraud in situations where the receiver is unlikely to examine the coins closely.[25] The New Zealand one dollar coin (worth around 50p) can be spent with relative success in places that do not pay too much attention e.g pubs, due to its similar coiour and appearance (it carries the same portraits of the Queen.)

Other pound coins in circulation[edit]

Also legally circulating but not legal tender in the UK, are some £1 coins of British Crown Dependencies, Gibraltar and UK South Atlantic colonies, being of the same size and composition as their UK equivalent and mostly bearing the same portraits of the UK monarch (as with most other coins of the same territories).[26][27]

Further reading[edit]

In an April 1993 The New Yorker article 'Real Britannia', Julian Barnes describes the meetings to choose the 1994–1997 reverse designs.[28] This is reprinted in his book Letters from London as 'Britannia's New Bra Size'.

See also[edit]

References[edit]

  1. ^ Estimated Coins in Circulation, Royal Mint
  2. ^ a b £1 Counterfeit Coins, Royal Mint |accessdate=20 May 2010
  3. ^ a b "How can I spot a fake £1 coin?". London: The Telegraph. 19 March 2014. 
  4. ^ a b "The New One Pound Coin". Retrieved 19 March 2014. 
  5. ^ Svenja O’Donnell (18 March 2014). "U.K. to Replace 1-Pound Coin With Secure 12-Edged Design". Bloomberg. 
  6. ^ Clayton, Tony. "Decimal Coins of the UK - Bronze". Retrieved 24 May 2006. 
  7. ^ a b c "1p Coin". British Royal Mint. Archived from the original on 27 April 2006. Retrieved 23 May 2006. 
  8. ^ "Royal Mint seeks new coin designs", BBC News, 17 August 2005
  9. ^ "Royal Mint unveils new UK coins", 2 April 2008
  10. ^ "History of the Royal Mint". Retrieved 9 April 2008. 
  11. ^ a b "New coin designs for 2014 unveiled by The Royal Mint". BBC News. 31 December 2013. Retrieved 21 January 2014. 
  12. ^ United Kingdom decimal coins issued into general circulation, Royal Mint. Retrieved 2014-05-08.
  13. ^ Clive Kahn (17 December 2012). "43.5 Million Fake Pound Coins In Circulation". BusinessReport. 
  14. ^ [1] HM Treasury FOI response relating to a period 2008–2009
  15. ^ Josie Ensor (1 April 2012). "Three pound coins in every 100 are fake". London: The Telegraph. 
  16. ^ a b Rosie Murray-West and Harry Wallop (27 July 2010). "Record number of fake £1 coins could force reissue". London: The Telegraph. 
  17. ^ Chris Irvine (29 January 2009). "One £1 coin in 40 is a fake". London: The Telegraph. 
  18. ^ a b Ben Ando (8 April 2009). "Fake £1 coin estimate 'doubled'". BBC News. 
  19. ^ a b c d Fake Britain, Series 2 episode 1, first broadcast on BBC1 TV on 16 May 2011
  20. ^ a b c Guardian newspaper: How to spot a fake £1 coin, 2 April 2012
  21. ^ Sarah Preece (28 July 2010). "£1 coin under threat". London: Live Odds and Scores. 
  22. ^ [2][3][4] Three blog entries analyzing counterfeits the author has been passed
  23. ^ a b The types of counterfeit one-pound coins and identifying them
  24. ^ "Swaziland’s Coinage". Numismatic Dimensions. 
  25. ^ Taylor, Ros (12 November 2002). "SOUND AS A POUND?". London: The Guardian. Retrieved 20 May 2010. 
  26. ^ [5], Royal Mint
  27. ^ [6], Royal Mint
  28. ^ "Letter From London: Real Britannia". The New Yorker (paid registration required for the full article). 
  • Coincraft's Standard Catalogue English & UK Coins 1066 to Date, Richard Lobel, Coincraft. ISBN 0-9526228-8-2