The Bank of England has been withdrawing a 1 pound coin from circulation. The UK Treasury has a good reason to abandon round pound coins. About a third of these coins are fake. Old unremarkable coins will forever leave the circulation by October 15. After that, a round pound will be just an ordinary souvenir.
The coin was issued on April 21, 1983 for the first time. Then, the degree of protection against forgery was quite good. However, technological progress and criminal thought go hand in hand, as a result, over the years, coins were minted not only by the Royal Mint. The UK Treasury encourages residents to spend the old pound coins or exchange them for new ones. The new coin will please not only ordinary citizens but also professional numismatists. Instead of the usual round shape, the UK chose the 12-sided version. The new 12-sided coins will be made of white and yellow metal.
It seems that scrupulous Britons recalled an old proverb "a penny saved is a penny earned" and reacted to the new changes responsibly. Andrew Jones, exchequer secretary to the Treasury, said that there had been a “fantastic effort from both the public and businesses in returning more than one billion old round pounds.” “But there is still more to do before the October 15 deadline," Jones wrote in his address to the British citizens.