There's a new quid on the block: everything you need to know about the new £1 coin

New £1 coinPhoto: Martin Keene/PA Wire
New £1 coinPhoto: Martin Keene/PA Wire

There will be a new quid on the block from tomorrow.

Here is what you need to know about the new £1 coin:

:: Why is it being introduced?

There have been concerns about the old round pound's vulnerability to sophisticated counterfeiters - around one in every 30 round pounds is a dud.

The new £1 coin boasts new security features.

:: What security features does the new £1 coin have?

The features include its 12-sided shape, its bi-metallic structure with a gold-coloured outer ring and a silver-coloured inner ring.

It features an image that changes from a "£" symbol to the number "1" when seen from different angles.

It also has micro lettering and milled edges.

:: What other features does it have?

The coin's design reflects England, Scotland, Wales and Northern Ireland, with a rose, a thistle, a leek and a shamrock.

The fifth coin portrait of the Queen, designed by Royal Mint coin designer Jody Clark, is featured.

The coin is thinner and lighter than the old coin but its diameter is slightly larger.

:: What is happening to the old coin?

There is a period of just over six months when the old round pound will still be accepted as legal tender alongside the new coin.

People are being encouraged to return their coins before October 15. They can bank them or spend them.

Some of the new £1 coins will be made from melted-down round pounds.

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