The new-look £1 coin has arrived in Nottingham earlier than expected.
The Old Market Square branch of RBS bank took a delivery of the new coins on Tuesday morning (March 29) and is exchanging them for old versions.
The coin was introduced at a limited number of locations around the UK on Monday (March 27) and it was expected to be several days before the design made its way to Nottingham banks in significant numbers.
It is the first new £1 coin to be introduced in more than 30 years, and according to the Royal Mint will be the “most secure of its kind in the world”.
The Mint is introducing it to combat forgery – as the current version is thought to be one of the most counterfeited in the world.
Around 1 in 40 old £1 coins are believed to be fakes, and are seen as an easy target by forgers because of the simple design.
Video: Royal Mint’s guide to the new coin
However, a number of companies have said they are still not ready to accept the new coin in vending machines and other systems, meaning people are being advised to keep copies of both coins where possible for the time being.
But the old coin will cease to be legal tender on October 15 – so they must be spent or exchanged at banks before then.
Adam Lawrence, chief executive of the Royal Mint, said yesterday: “It’s an historic day for UK coinage, and one that The Royal Mint has been working towards, together with businesses and industry, for a number of years. From today, the public will start to encounter for themselves the most innovative and secure coin ever produced by The Royal Mint.
“It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come. Staying ahead of sophisticated counterfeiters remains a constant challenge and this coin helps in that battle.”
