MORE ON THE NEW ONE POUND COIN

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V20 2017 INDEX E-SYLUM ARCHIVE

The E-Sylum: Volume 20, Number 13, March 26, 2017, Article 33

Arthur Shippee forwarded this BBC News article telling Brits about "the end of the round pound" and what they need to do to prepare for the switchover to the new pound coins. Most of it relates to day-to-day consumer needs, but some of it deals with the numismatic aspects. Here's an excerpt. -Editor

The new £1 coin comes into circulation this month, signalling the beginning of the end for the round pound, which will be completely phased out by 15 October.

If you're struggling to make heads or tails of the change, here's what you need to know, including what to do with your old coins and what it means for those supermarket trolley key fobs.

The new £1 coin is about the the same size as the old one but has 12 edges and is gold and silver.

It features a hologram where the "£" symbol changes to the number "1" when viewed from different angles.

The writer is referring to the COLORS of the bi-metallic coin, not the intrinsic metal content - these circulating coins will have no actual silver or gold in them. -Editor

The "tails" side was drawn by schoolboy David Pearce, who in 2015 created a design of the four plants that represent the UK's four nations. He said he "spent a lot of time researching what coin designs looked like and what sort of designs would represent all parts of the UK" before drawing a leek, thistle, shamrock and rose coming out of a crown.

Here's a nice shot of a royal Mint employee examining on the the new coins. Cool shirt - do they sell them online? -Editor

Another nice part of the article is an interview with ex-pat coin dealer Richard Lobel, who operates a coin shop near the British Museum. He offers sound advice to potential investors and collectors. -Editor

Old £1 coins could become collectible when they cease to become legal tender, according to experts.

"The end of the round pound means many people will want a complete collection from 1983 to today," explains London dealer Richard Lobel, of Coincraft.

He says coins in "brilliant uncirculated condition" are desirable but more as souvenirs than an investment.

"They're difficult to get because nobody puts them aside, after all they are £1 not a penny. But don't expect them to rocket in value."

Mr Lobel also advised people to save their new coins, which could become collectors' items.

"Lots of people save a coin in the first year of issue, but fewer in the second and in the third year fewer still," he says.

The first-year-of-issue effect is very real and has been seen in the numismatic hobby for generations. The first year of a new design is always much easier to locate in top condition than later years. -Editor