£1 Coins
Could this Bee a new error £1 coin?
2.975 million King Charles III Bee £1 coins entered circulation in August 2024. Since then, the race has been on to track down these new coins creating a buzz in the collecting world!
Many collectors have already been lucky enough to come across the Bee £1, but perhaps none so lucky as Diane Bath, who spotted a rare error on one of the coins…
The error coin causing a buzz
Diane runs The Post Office in Broughton-in-Furness, Cumbria, where she found a King Charles III Bee £1 struck in entirely one colour!
The image below shows the single metal coin, without the silver-coloured inner piece seen on standard United Kingdom £1 coins:
£1 coins are struck from a nickel-brass outer ring and an inner piece made from a nickel-plated brass alloy. It’s possible that this error coin was created due to the inner section not being punched out of the nickel-brass before the coin was struck. For confirmation of this, we’d suggest sending the error coin to The Royal Mint for verification.
Diane, a postmistress of over 20 years, told the press: “I am absolutely over the moon. Obviously we handle cash all the time and it’s the most exciting find I’ve ever had in over two decades.”
Worth a pretty penny
The coin was auctioned on 18th October by Ryedale Auctioneers, and whilst it had an estimated value of £500-£800, it actually sold for £1,250!
Image Credit: Ryedale Auctioneers
A similar error occurred when the first 12-sided £1 coins were released back in 2017, although only a small handful of these error coins were ever found. Reportedly, one such error coin sold for over £2,000 at auction!
Ultimately, the selling price of a rare error item like this at auction depends on how much a collector is willing to pay to get their hands on it. So remember, if you’re looking to secure an error coin on the secondary market, always do your research and be aware of fakes before you buy.
Have you spotted any errors on the new King Charles III coinage? Let us know in the comments below!
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Whilst the Bee £1 and Salmon 50p can now be found in your change, it could be years until all 8 coins can readily be found in circulation…
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New £1 coin design to enter circulation!
A brand new £1 coin is set to enter circulation, marking the 40th anniversary of it’s introduction!
Chancellor Rishi Sunak has announced that artist Michael Armitage will design the new coin.
It’s believed the coin’s design will celebrate the culture, creativity, and heritage and history of the UK in the 21st century.
Speaking at a Royal College of Art’s (RCA) reception, Mr Sunak said: “I am delighted that Michael will lend his vision to the creation of this new £1 coin design in its 40th anniversary year. This coin will symbolise the rich tapestry of modern Britain and honour our deep heritage and history.”
Michael Armitage was earlier this year elected as a Royal Academician in the category of painting by the Royal Academy of Arts, London – meaning we’re sure to see a fantastic design on this brand new coin!
This will be the the first new £1 design since 2017 and Armitage said it will “combine our 1,100 years of craftsmanship with cutting-edge design to champion modern Britain.”
The 12-sided £1 coin has been in circulation since its introduction in 2016, having replaced the familiar round pound coins. It’s aim was to be the most secure coin yet.
This brand new design will become the standard circulating £1 coin* and will include the current “world-leading” high-security features to protect against counterfeiting, the Treasury said.
We can’t wait to see the design of this brand new coin and to start searching for it in our change! Let us know in the comments below if you’re excited to find this new coin!
*The new coin will enter circulation in 2023, marking the 40th anniversary of the modern £1 coin.
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£19bn in old UK banknotes and coins not cashed in!
£18.9bn worth of paper banknotes and round pounds remain in circulation, with over 113 million of these being £5 notes! Despite it being nearly five years since the paper £5 note lost its legal tender status*, it seems people are holding on them.
In fact, you might just have one in your pocket/wallet/down the back of the sofa right now!
Whilst the paper £10 and £5 notes have been withdrawn from circulation, the £20 and £50 paper banknotes will hold their legal tender status until 30 September 2022.
According to the Bank of England, 775 million paper banknotes remain in circulation:
- Paper £5 notes in circulation: 113 million
- Paper £10 notes in circulation: 73 million
- Paper £20 notes in circulation: 360 million
- Paper £50 notes in circulation: 209 million
That’s a lot of banknotes!
*Whilst the paper £5 and £20 notes are no longer legal tender, they will always be exchanged by the Bank of England for their face value.
There are also supposedly £105m of old round pound coins in circulation, according to the Royal Mint.
After more than 30 years in the nation’s pockets, the familiar round £1 coin was replaced with an all new, 12-sided £1 coin in 2017, in a bid to crack down on counterfeiting.
It lost its legal tender status at midnight on 15 October 2017 and the Royal Mint asked the public to return their round pounds as they phased in the new 12-sided coin.
However, out of 1.6 billion round pounds to be returned, about 1.45 million were counterfeits!
The UK’s 12-sided £1 coin is described by the Royal Mint as the ‘most secure in the world’, with a string of anti-counterfeiting details. Find out more about the security details of this coin here!
Round pounds can still be deposited at high street banks – but can no longer be spent in shops.
Have you held on to your round pounds or paper notes? Let us know in the comments below!
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