It was April 1983 and David Bowie was at number one in the charts with ‘Let's Dance' when the original £1 coin was introduced, 34 years ago next month, replacing the 186-year-old £1 note.
The coin is king at the Poundland chain of shops, and 850 stores around the country will continue to accept the old pounds. Branded the 'Legal Tender Extender', the initiative runs until 31 October. On 15 October 2017 a new 12-sided coin replaced the old pound coin. The old five pound note ceased to be legal tender on 5 May 2017. The old ten pound notes ceased to be legal tender on 1 March 2018. You can learn more about withdrawn banknotes here.
The fashion-conscious might be seen sporting shoulder pads or a Hawaiian shirt – popularised by Joan Collins in Dynasty and Tom Selleck in Magnum, PI. Almost unimaginably now, car seatbelts had only just become mandatory and smoking was still commonplace on flights and across public transport.
Two months after the coin's launch, Prime Minister Margaret Thatcher, fresh from victory in the Falkland Islands conflict the year before, would be voted in for a second term in a general election that also saw two future prime ministers – Tony Blair and Gordon Brown – elected as MPs for the first time.
Old Pound Coins Nationwide
Within Barclays, the bank had launched a new ‘high technology' group to support 'start-ups', appointed Mary Baker, the bank's first ever female director, and become the first to open on Saturdays.
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The decision to replace the £1 banknote with a coin was made in 1981, when it became apparent that the decline in purchasing power made the £1 unit of currency better suited to a coin than a banknote. The note was in use for only nine months on average, whereas a coin can last 40 years or more.
The £1 coin was designed to be thicker than other coins to make it easier to identify and was made from nickel-brass – a combination of copper, nickel and zinc. The ‘gold' colour allowed it to stand out from the cupro-nickel ‘silver' coins already in circulation.
The reverse design featured a detailed depiction of the Royal Coat of Arms designed by Eric Sewell, Chief Engraver at The Royal Mint. The inscription around the edge is the Latin phrase ‘DECUS ET TUTAMEN', which translates to 'An ornament and a safeguard.'
The Barclaysnews staff newspaper marked the 21 April 1983 launch of the new coin with an article about members of the ‘bullion department' preparing rolls of £1 coins for distribution to corporate customers.
London cash centre assistant manager Ken Porter reassured in-branch colleagues that they should have no problem handling the coins. 'A bag of 500 £1 coins weighs less than half a £100 bag of cupro nickel,' he said. But, he cautioned: 'The coin will have to be weighed and checked very carefully because of its value.'
The Barclaysnews staff newspaper marked the 21 April 1983 launch of the new coin with an article about members of the ‘bullion department' preparing rolls of £1 coins for distribution
Days are numbered for the ‘round pound'
Today, a new 12-sided coin replaces the existing ‘round' pound coin. The decision was taken because the current coin is so easy to fake – the Royal Mint says that as many as one in 30 are counterfeit coins. The new coin's distinctive shape and a range of high security features (including a secret one) make it far harder to fake.
The old pound coin will be ‘demonetised' on 15 October but Barclays, other banks and the Post Office will continue to accept the coin indefinitely. Old coins will be sent back to the Royal Mint for recycling into other world coins.
The ‘heads' side features the fifth coin portrait of the Queen while the ‘tails' side was drawn by teenager David Pearce, who beat 6,000 other people to win a competition to design it. The image features four plants representing the UK's four nations – the leek, thistle, shamrock and rose – coming out of a royal crown.
The £1 coin that could be worth over £25.00 and why you need to be checking your £1 coins before you spend them.
Jump straight to the NEW Change Checker £1 Scarcity Index
It's not too late to find a rare £1 coin in your change before they cease to be legal tender after 15 October 2017
With just 5 weeks to go, the awareness campaign for the new £1 coin has stepped up a notch over the last few days, with the press warning that you need to spend all your old round £1 coins before they cease being legal tender on 15 October (although you will still be able to exchange them at banks).
But Change Checker is urging the British public to check their £1 coins before they spend them. That's because as the Round £1 Coin disappears from our change forever, collectors are desperate to complete a collection of all 24 designs. And that includes some really quite rare £1 coins still in circulation.
Launch of the NEW Change Checker £1 Scarcity Index
That's why Change Checker has launched its NEW £1 Scarcity Index to help collectors identify which coins are the rarest.
Up to now, change collectors have relied upon mintage figures for their indication as to which coins in circulation are the rarest. But the story is not that simple…
One Pound Coin Uk
The £1 coin has been in circulation since 1983. During that time a total of 2.2 billion £1 have been struck for circulation. But they are not all still in use.
The last available figures for coins in circulation, published by The Royal Mint for 2014, suggest that 1,553,000,000 £1 coins are in circulation.
In other words, 650 million of the coins struck no longer circulate, presumably withdrawn over the years as worn or damaged.
The majority of those 650 million coins are from the early issuing years, meaning that although some of those years may have high mintages, the actual number of coins available to collect from your change is far lower. In fact our research suggests that only a little more than half of the early years' £1 coins are still in circulation. Far fewer if you're trying to secure one in good collectable condition.
Old Pound Coins
Scarcity breeds scarcity
Pokerstars private game ipad. But even that is only part of the story. Of course, scarcity breads scarcity.
Even before the launch of the Great One Pound Coin Race, we noticed a rise in collector interest for £1 coins on the back of the introduction of the new 12-sided £1 coin. And the demand is always disproportionately high for the more difficult coins. The result is a continued ratcheting up in demand for the rarer coins.
The Change Checker £1 Scarcity Index
That's the benefit of the new £1 Scarcity Index. Rather just relying on mintage figures, we have combined them with the two critical points above – the actual numbers of coins in circulation and real collector demand, measured by Change Checker swap data – to create a unique Scarcity Index for the £1 Coin.
Scaled from 100 to 1, the scores represent the relative scarcity of each coin, with 100 being the most scarce.
Old Pound Coins Post Office
Scarcity vs Value
The Edinburgh City £1 coin is the UK's scarcest £1 coin design
So what does a coin's Scarcity Index Score mean for its value? Broadly speaking the higher the score, the more valuable a coin is likely to be. So to take the example of the highest scoring coin – the Edinburgh City £1 – it is already achieving prices of between £10.00 and £15.00 on eBay.
However, things can very quickly go mad. For example, since the Royal Mint confirmed the 2009 Kew Gardens 50p as the smallest coin mintage in circulation, online prices have regularly achieved £100 (200 times its face-value).
So with an estimated 600,000 – 800,000 coins still in circulation, the Edinburgh City £1 is somewhere in the region of 25% as scarce as the Kew Gardens 50p but with collectors clamouring to complete their £1 collection, it seems likely that a good quality example could soon be fetching between £25.00 and £50.00.
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As for the other £1 coins, they will all be getting rarer by the day as they start to be removed from circulation once the new 12-sided £1 coin is released on 28 March. And, come 15 October, one thing is for certain, any collector looking to own a £1 coin will be paying a premium.
So don't just spend your £1 coins. Check them. Rather than being worthless come 15 October, they may have even more value to collectors – especially if you own a particularly scarce £1 coin.
The Edinburgh City £1 coin is the UK's scarcest £1 coin design
So what does a coin's Scarcity Index Score mean for its value? Broadly speaking the higher the score, the more valuable a coin is likely to be. So to take the example of the highest scoring coin – the Edinburgh City £1 – it is already achieving prices of between £10.00 and £15.00 on eBay.
However, things can very quickly go mad. For example, since the Royal Mint confirmed the 2009 Kew Gardens 50p as the smallest coin mintage in circulation, online prices have regularly achieved £100 (200 times its face-value).
So with an estimated 600,000 – 800,000 coins still in circulation, the Edinburgh City £1 is somewhere in the region of 25% as scarce as the Kew Gardens 50p but with collectors clamouring to complete their £1 collection, it seems likely that a good quality example could soon be fetching between £25.00 and £50.00.
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As for the other £1 coins, they will all be getting rarer by the day as they start to be removed from circulation once the new 12-sided £1 coin is released on 28 March. And, come 15 October, one thing is for certain, any collector looking to own a £1 coin will be paying a premium.
So don't just spend your £1 coins. Check them. Rather than being worthless come 15 October, they may have even more value to collectors – especially if you own a particularly scarce £1 coin.
It's not too late to join the Great One Pound Coin Race.
Almost 20,000 collectors have already joined the Great One Pound Coin Race for FREE.
Simply click here to enter today and you too could own a complete collection of £1 coins direct from your change before they're gone for ever.