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One pound coin

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One pound
United Kingdom
Value1 pound sterling
Mass9.5 g
Diameter22.5 mm
Thickness3.15 mm
EdgeMilled, with incuse lettering
CompositionNickel-brass
(70% Cu, 24.5% Zn, and 5.5% Ni)
Obverse
File:British one pound coin 2015 obverse.png
DesignQueen Elizabeth II
DesignerJody Clark
Design date2015
Reverse
File:British one pound coin 2015 reverse.png
DesignRoyal Shield
DesignerMatthew Dent
Design date2008

The British one pound (£1) coin is a denomination of the pound sterling. Its obverse bears the engraving “Dei Gratia Regina” meaning in Latin, “By the grace of God, Queen” and FD meaning ”Defender of the Faith."[1] It has featured the profile of Queen Elizabeth II since the coin's introduction on 21 April 1983.[2] Four different portraits of the Queen have been used, with the latest design by Jody Clark being introduced in 2015. 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 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, Guernsey and the Isle of Man, and by the Royal Bank of Scotland, but the pound coin is much more widely used.

As of March 2014 there were an estimated 1,553 million £1 coins in circulation with an estimated face value of £1,553 million.[3] The Royal Mint estimated in 2014 that 3.04% were counterfeit.[4][5]

The final round coins were minted in December 2015 with its replacement, a new 12-sided design, to be introduced from March 2017 onwards. The new 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 also intended to make counterfeiting more difficult, via an undisclosed hidden security feature, called 'iSIS' (Integrated Secure Identification Systems).[6][7]

Design

To date, four different obverses have been used. For the first three of these, the inscription was ELIZABETH II D.G.REG.F.D. 2013,[8] where 2013 is replaced by the year of minting. The fourth design, unveiled in March 2015,[9] expands the inscription slightly to ELIZABETH II DEI.GRA.REG.FID.DEF. 2015.

In summary;

In August 2005 the Royal Mint launched a competition to find new reverse designs for all circulating coins apart from the £2 coin.[13] The winner, announced in April 2008, was Matthew Dent, whose designs were gradually introduced into the circulating British coinage from mid-2008.[14] 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. This edge inscription may frequently be "upside-down" (when obverse is facing upward).[15] 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.[16]

The bi-metallic 12-sided pound coin is due to enter circulation in March 2017.

The reverse of a new 12-sided pound coin, to be introduced from March 2017 onwards, was chosen via a public design competition.[17] The competition to design the reverse of the 12-sided, bi-metallic coin was opened in September 2014.[18] 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.[9]

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[19]
1984 Thistle sprig in a coronet Scotland NEMO ME IMPUNE LACESSIT No one attacks me with impunity 146,256,501[19]
1985 Leek in a coronet Wales PLEIDIOL WYF I'M GWLAD True am I to my country 228,430,749[19]
1986 Flax plant in a coronet Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 10,409,501[19]
1987 Oak tree in a coronet England DECUS ET TUTAMEN An ornament and a safeguard 39,298,502[19]
1988 Crown over the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 7,118,825[19]
1989 Thistle sprig in a coronet Scotland NEMO ME IMPUNE LACESSIT No one attacks me with impunity 70,580,501[19]
1990 Leek in a coronet Wales PLEIDIOL WYF I'M GWLAD True am I to my country 97,269,302[19]
1991 Flax in a coronet Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 38,443,575[19]
1992 Oak tree in a coronet England DECUS ET TUTAMEN An ornament and a safeguard 36,320,487[19]
1993 Ornamental royal arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 114,744,500[19]
1994 Lion rampant within a double tressure flory counter-flory Scotland NEMO ME IMPUNE LACESSIT No one attacks me with impunity 29,752,525[19]
1995 Dragon passant Wales PLEIDIOL WYF I'M GWLAD True am I to my country 34,503,501[19]
1996 Celtic cross, Broighter collar and pimpernel Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 89,886,000<[19]
1997 Three lions passant guardant England DECUS ET TUTAMEN An ornament and a safeguard 57,117,450[19]
1998 Ornamental royal arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard not circulated
1999 Lion rampant within a double tressure flory counter-flory Scotland NEMO ME IMPUNE LACESSIT No one attacks me with impunity not circulated
2000 Dragon passant Wales PLEIDIOL WYF I'M GWLAD True am I to my country 109,496,500[19]
2001 Celtic cross, Broighter collar and pimpernel Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 63,968,065[19]
2002 Three lions passant guardant England DECUS ET TUTAMEN An ornament and a safeguard 77,818,000[19]
2003 Ornamental royal arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 61,596,500[19]
2004 Forth Bridge Scotland Two overlapping lines, one curved and one angular N/A 39,162,000[19]
2005 Menai Suspension Bridge Wales Two overlapping lines, one curved and one angular N/A 99,429,500[19]
2006 MacNeill's Egyptian Arch at Newry Northern Ireland Two overlapping lines, one curved and one angular N/A 38,938,000[19]
2007 Gateshead Millennium Bridge England Two overlapping lines, one curved and one angular N/A 26,180,160[19]
2008 Ornamental royal arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 3,910,000[19]
2008 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 43,827,300[19]
2009 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 27,625,600[19]
2010 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 57,120,000[19]
2010 Coat of arms of the City of London England DOMINE DIRIGE NOS Lord, guide us 2,635,000[19]
2010 Coat of arms of Belfast Northern Ireland PRO TANTO QUID RETRIBUAMUS For so much, what shall we give in return? 6,205,000[19]
2011 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 25,415,000[19]
2011 Coat of arms of Cardiff Wales Y DDRAIG GOCH DDYRY CYCHWYN The red dragon rears up 1,615,000[19]
2011 Coat of arms of Edinburgh Scotland NISI DOMINUS FRUSTRA In vain without the Lord 935,000[19]
2012 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 35,700,030[19]
2013 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 13,090,500[19]
2013 Oak and rose England DECUS ET TUTAMEN An ornament and a safeguard 5,270,000[19]
2013 Leek and daffodil Wales PLEIDIOL WYF I'M GWLAD True am I to my country 5,270,000[19]
2014 Shamrock and flax plant[20] Northern Ireland DECUS ET TUTAMEN An ornament and a safeguard 5,780,000[19]
2014 Thistle and bluebell[20] Scotland NEMO ME IMPUNE LACESSIT No one attacks me with impunity 840,000[19]
2014 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard 79,305,200[19]
2015 Royal arms[21] United Kingdom DECUS ET TUTAMEN An ornament and a safeguard –
2015 The shield from the Royal Coat of Arms United Kingdom DECUS ET TUTAMEN An ornament and a safeguard –
2016 Four heraldic beasts [22] United Kingdom DECUS ET TUTAMEN An ornament and a safeguard –

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 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.

The 2016 coin, with a design by Gregory Cameron, Bishop of St Asaph, is legal tender, but is essentially a commemorative issue, and has not entered general circulation.[22][23]

Counterfeiting

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%.[4][5] 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.[24][25] 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.[26][27][28] 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.[29] 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.[30][31] One article suggested "given that fake coins are worthless, you will almost certainly be better off not even looking".[29] The recipient has recourse against the supplier, as in any such case.

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. 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; the Mint estimated that about 31 per 1,000 £1 coins were counterfeit.[30] 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.[27][32]

Real and fake pound coin, showing poor-quality edge inscription and milling

Some counterfeits are 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 always match in genuine coins, but very often not in counterfeits.[30][31] The design on the reverse must be correct for the stamped year (e.g., a 1996 coin should have a Celtic cross).[33] 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.[30] 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.[31]

Counterfeit coins are made by different processes including casting, stamping, electrotyping, and copying with a pantograph or spark erosion.[34] 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.[35] Those made of lead or tin may have a gold-coloured coating; counterfeits made of acrylic plastic containing metal powder to increase weight have occasionally been found.[34]

The final 'round coins' were minted in December 2015 with the replacement, a new 12-sided design, due to be introduced in 2017.[36] 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, and also has an undisclosed hidden security feature called 'iSIS' (Integrated Secure Identification Systems).[17][37]

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

Other pound coins in circulation

Also legally circulating but not legal tender in the UK, are some £1 coins of British Crown Dependencies, Gibraltar and UK South Atlantic Overseas Territories, 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).[38][39]

Further reading

In an April 1993 The New Yorker article 'Real Britannia', Julian Barnes describes the meetings to choose the 1994–1997 reverse designs.[40] This is reprinted in his book Letters from London as 'Britannia's New Bra Size'.

See also

References

  1. ^ "Project Britain-British Coins". 2013. Retrieved 27 October 2016.
  2. ^ "One Pound Coin". Royal Mint. Retrieved 22 November 2016.
  3. ^ "Mintage Figures". Royal Mint. Retrieved 28 December 2015.
  4. ^ a b "£1 Counterfeit Coins". royalmint.com. Retrieved 1 September 2014.
  5. ^ a b "How can I spot a fake £1 coin?". London: The Telegraph. 19 March 2014.
  6. ^ "New pound coin: Firms told to prepare for redesign". BBC News. 31 October 2016. Retrieved 31 October 2016.
  7. ^ "Specification of the £1 coin: a technical consultation" (PDF). HM Treasury. September 2014.
  8. ^ Clayton, Tony. "Decimal Coins of the UK – Bronze". tclayton.demon.co.uk. Retrieved 24 May 2006.
  9. ^ a b Allen, Katie (17 March 2015). "New 12-sided pound coin to be unveiled ahead of budget announcement". The Guardian. Retrieved 18 March 2015.
  10. ^ a b c "1p Coin". British Royal Mint. Archived from the original on 27 April 2006. Retrieved 23 May 2006.
  11. ^ "Royal Mint unveils new coinage portrait of the Queen". BBC News. 2 March 2015. Retrieved 18 March 2015.
  12. ^ "The reveal of the Queen's fifth coin portrait". Royal Mint. 2 March 2015. Retrieved 18 March 2015.
  13. ^ "Royal Mint seeks new coin designs", BBC News, 17 August 2005
  14. ^ "Royal Mint unveils new UK coins", dofonline.co.uk, 2 April 2008
  15. ^ Royal Mint. "Why does the edge inscription on the £2 and £1 coins sometimes appear "upside down"?". Retrieved 2 November 2016.
  16. ^ "History of the Royal Mint". 24carat.co.uk. Retrieved 9 April 2008.
  17. ^ a b "The New One Pound Coin". royalmint.com. 19 March 2014. Retrieved 19 March 2014.
  18. ^ New One Pound Coin Royal Mint
  19. ^ a b c d e f g h i j k l m n o p q r s t u v w x y z aa ab ac ad ae af ag ah ai aj ak al am "Decimal coins issued £2 – 20p". The Royal Mint Limited. 2016. Retrieved 16 June 2016.
  20. ^ a b "New coin designs for 2014 unveiled by The Royal Mint". BBC News. 31 December 2013. Retrieved 21 January 2014.
  21. ^ The Royal Arms 1-pound coin Royal Mint (www.royalmint.com). Retrieved on 2 April 2015.
  22. ^ a b "The Last Round Pound 2016 United Kingdom £1 Brilliant Uncirculated Coin". The Royal Mint. Retrieved 9 June 2016.
  23. ^ Powell, Anna (16 May 2016). "Behind the design: the last 'round pound'". The Royal Mint blog. The Royal Mint. Retrieved 19 October 2016.
  24. ^ Clive Kahn (17 December 2012). "43.5 Million Fake Pound Coins in Circulation". BusinessReport.
  25. ^ [1] HM Treasury FOI response relating to a period 2008–2009. hm-treasury.gov.uk(PDF)
  26. ^ Josie Ensor (1 April 2012). "Three pound coins in every 100 are fake". London: The Telegraph.
  27. ^ a b Rosie Murray-West and Harry Wallop (27 July 2010). "Record number of fake £1 coins could force reissue". London: The Telegraph.
  28. ^ Chris Irvine (29 January 2009). "One £1 coin in 40 is a fake". London: The Telegraph.
  29. ^ a b Ben Ando (8 April 2009). "Fake £1 coin estimate 'doubled'". BBC News.
  30. ^ a b c d Fake Britain, Series 2 episode 1, first broadcast on BBC1 TV on 16 May 2011
  31. ^ a b c Hilary Osborne (2 April 2012) How to spot a fake £1 coin Guardian. Retrieved 24 January 2016
  32. ^ Sarah Preece (28 July 2010). "£1 coin under threat". London: Live Odds and Scores.
  33. ^ [2][3][4] Three blog entries analyzing counterfeits the author has been passed. blog.alism.com
  34. ^ a b The types of counterfeit one-pound coins and identifying them. coinauthentication.co.uk. February 2006. Retrieved 24 January 2016.
  35. ^ "Report on UK £1 counterfeit survey" (PDF). Royal Mint. May 2009.
  36. ^ Royal Mint Presses Last Batch of Round Pound Coins The Guardian
  37. ^ Svenja O'Donnell (18 March 2014). "U.K. to Replace 1-Pound Coin With Secure 12-Edged Design". Bloomberg.
  38. ^ Can I use coinage from the Channel Islands or the Isle of Man?, Royal Mint. Retrieved 24 January 2016
  39. ^ Can I use coinage from United Kingdom Overseas Territories?, Royal Mint. Retrieved 24 January 2016
  40. ^ "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
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