Farewell to The Last Round Pound

We Say Goodbye to The Last Round Pound

Earlier in 2016, the last round one pound coins were struck. The 2016 coin was the last time round designs were released for these popular £1 coins; The Last Round Pound and the Royal Shield. The 2016 Last Round Pound coin was not released into circulation which was disappointing news for the many coin collectors who look out for new designs in their change.

2016 Last Round Pound - Cupro-Nickel coin

The Last Round Pound!

Gregory Cameron’s design brought together elements of the pageantry of the United Kingdom. Unfortunately this coin was only available as part of the 2016 coin sets or in individual presentation packs, it wasn't released into circulation. 

The gold sovereign was the original ‘pound coin’. It was first issued in Henry VII's reign in 1489 as a hammered gold coin with a value of one pound sterling. The gold sovereign made a come-back in 1817 as a result of the Coinage Act of 1816 when the British government agreed for a modern sovereign to be issued with a face value of twenty shillings/one pound. The sovereign was used as a pound coin until the First World War after which it was largely replaced by the one pound banknote. The sovereign was withdrawn from circulation in 1932 when Britain left the Gold Standardbut was re-introduced in 1957 as an investment gold coin. It has a nominal value of one pound and is classed as British legal tender - but whatever you do, don't use it to pay you bill, it is currently worth £497.09

Sound as a Pound?

Unfortunately, the round pound coin proved to be particularly vulnerable to forgery. The British government takes the integrity of British currency seriously and saw that extreme measures to ensure higher security features in British coinage were needed. Other countries such as the Royal Canadian Mint have invested heavily in advanced security minting technology to guarantee confidence in their coinage.

George Osborne stated in his 2014 Budget statement that:

“One in 30 pound coins is counterfeit, and that costs businesses and the taxpayer millions each year”.

Pound Facts

• Over 2,314,785,739* one pound coins have been struck for circulation since 1983
• The designs on the reverse have represented the United Kingdom of Great Britain, and aspects of the individual countries England, Scotland, Wales and Northern Ireland.  These designs have included floral emblems, heraldic and bridge designs.
• Four definitive UK coin portraits of Elizabeth II have been used on the obverse
• In most years, these pound coins are also produced in gold proof, silver proof and brilliant uncirculated finishes, individually as well as in coin sets.
• Millions of circulation pound coins have been issued each year but there are a few which are more rare than the others. These include the 2011 ‘Cities’ pound coins; only 935,000 were issued for Edinburgh and 1,615,000 for Cardiff.

** This figure will be updated when the 2016 mintage figures are released.

How to Spot a Fake £1 Coin

The following features can be an indicator of a fake £1 coin:

• The colour is often different from the genuine coin
• The surface may be pitted with tiny marks which resemble orange peel
• The engraving  may be soft and the design lacking definition
• If you rub the coin along a piece of paper, a fake may leave a grey mark
• The 'brass' colour starts to come off - sometimes the coin can look too shiny and golden but lacks definition
• The edge may be very sharp
• The milled edge may be irregular
• The date and design or inscription around the edge of the coin do not correspond with the correct specified design for that year
• The alignment of the coin may be off

It is believed there are currently over 50,000,000 fake one pound coins in circulation. A great deal of investment has been made in the future production of these coins, we look forward to hearing their plans for ensuring that their higher value products such as sovereigns, gold and silver bullion coins and commemorative coins and medallions are not subject to forgers. Particularly in light of their much publicised move into the bullion market.