£1 Coins
50 years in the making – from 3d to £1: the story behind the new £1 coin
In just a few weeks, Britain’s one pound coin will undergo a major makeover. The familiar round pound will change to become bi-metallic and 12-sided and will also have several new security features. But the shape of this new £1 coin is actually a throwback to the thrup’nny bit – an old favourite from the pre-decimal era.
The 12-sided threepenny is fondly remembered for its individuality. There was quite literally nothing like it before, and it holds the proud title of Britain’s first non-circular coin.
But, of course, it’s not the first major change in the nation’s £1.
I’ve taken a look back at some of the key changes for Britain’s coinage over the last 50 years to welcome the brand new 12-sided £1 coin, when it is issued on 28th March.
The 28th March 2017 is sure to become a historic day as we welcome the new coin which has been billed to become the most secure circulating coin in the world. This will be the first specification change to our £1 coin in more than 3 decades.
But the Thrup’nny Bit deserves recognition for being the inspiration behind our new £1 coin which is sure to become a collecting sensation. The Thrup’nny Bit was eventually withdrawn from circulation in 1971 after the introduction of decimal coinage which didn’t include Three Pence as a denomination. However, its legacy lives on, and is still widely regarded as one of the most iconic coins in British history.
The Story of the new £1 Collector’s Pack
Click here to secure the ‘Story of the £1 Collector Pack’ which has space for you to house the new 12-sided £1 coin once you find it in your change, alongside the UK Brass 12-Sided Threepence Coin.
The £1 Scarcity Index reveals which £1 coins are the rarest
Can’t wait – click here to reveal the UK’s “scarcest” £1 coin
With the Great One Pound Coin Race nearing the finishing line, collectors across the UK are desperate to complete their Round Pound collections.
Historically, 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.
650 million coins lost from circulation
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.
There are 1.5 billion coins in circulation but probably fewer than 800,000 of the rarest design
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.
Scarcity breeds scarcity
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 why Change Checker launched the £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.
So will I ever find the Edinburgh City £1 Coin in my change?
With a scarcity rating of 100, the Edinburgh City £1 Coin is the rarest Round £1 in circulation
With the Edinburgh City £1 Coin topping the Scarcity Index, will you ever actually find one in your change?
Well certainly it won’t be easy – but it’s definitely possible. Our calculations suggest there are probably somewhere between 600,000 – 800,000 Edinburgh City coins still in circulation but as we near the withdrawal date this number is decreasing rapidly. In other words, it is of similar rarity to the recently issued 2015 First World War Navy £2 but far less scarce than the rarest current circulation coin – Kew Gardens 50p, which had a mintage of just 210,000.
On average, it means that you will have to examine roughly 3,000 mixed £1 coins to find the Edinburgh City £1 Coin. But with over 6,000 Change Collectors already listing the Edinburgh City £1 Coin in their collection, it is certainly an achievable goal.
The Great One Pound Coin Race Collector’s Kit
The Great One Pound Coin Race Collector’s Kit gives you everything you need to collect, house and protect your collection of £1 coins as you find them.
Each collecting kit includes:
– 24 x One Pound Coin Collector Cards
– 3 x Change Checker Collector pages
– A special collector card for the new 12-sided £1 coin so you can add one to your collection
– A title page detailing all 24 coins to collect from your change
– An opportunity to own the 2016 Last Round Pound that never entered circulation.
Plus you’ll receive The Great One Pound Coin Race Participant’s Medal (worth £5.00) absolutely FREE.
There’s no better way to house your collection of £1 coins – get yours today!
Order yours today for just £25 (a current saving of £5.00 on the normal price).