Hidden high-security feature: A secret security feature is built into the new pound coin to protect it from counterfeiting in the future.
"[This machine] allows us to cut very fine details in a crisp way, which is something we couldn't do with our old engraving machines," he said. "Up until Christmas, we were the only people in the world with this type of laser."
Are there 'special' pound coins?
When the new £5 note launched in September, the first batch that went into circulation – with serial codes beginning with AA01 – became collector's items with some fetching a staggering £80,000 at auction. The new pound coins don't have such serial numbers, but there may be defects or stamping errors that could result in the currency becoming more valuable.
Die errors made during production could, potentially, be worth money. A small batch of new £1 coins incorrectly stamped with "2016" have been released into circulation and are being listed on eBay in excess of £250. Elsewhere, the 200,000 new coins tested by retailers last year could potentially earn you hundreds.
In addition, there are reports of damaged or "faulty" new pound coins in circulation. Pictures on Twitter and eBay show warped coins, coins with their centres missing or coins with parts of the Queen's head cut off.
The Royal Mint has said "variances" are an expected part of the minting process, however, it is not clear if the number of mistakes found on the new coins is higher than average. The Royal Mint is advising people to contact them if they have damaged coins because they may be fakes.
When will the old pound coin leave circulation?
At launch, around 300 million new pound coins will be pumped into the UK economy, and for several months both old and new versions will be able legal tender. The rest of the 1.5 billion will be released gradually. The last day for the old coin, which has had its current shape since the 1980s, will be October 15. Read more: How the Royal Mint produces two billion coins a year
UK businesses were informed of the need to prepare for the roll-out and many have already upgraded their machines to accept the new £1 coin, however, during the crossover period, the new pound coin may not work in all machines around the UK as it is thinner and larger than the existing version. As detailed by MoneySavingExpert.com, 85 per cent of vending machines in the UK will be able to use the coin; Tesco has also said it will keep trolleys unlocked until they are fitted with new locks.
From October 15, shops will stop accepting the round pound these coins, but you will still be able to take them to your bank. The Royal Mint is encouraging people to use their coins or return them to their bank before October 15.
Where can I get a new pound coin today?
A select number of banks and building societies will have new pound coins available on the day of launch. The Sun has created a map detailing the locations of these banks. Additionally, you can buy a collector's edition version of the coin. Prices start at £9.99 for a pack called "The Last of the Old, First of the New £1 Coin Set" up to £195.99 for "The Strictly Limited Inaugural Silver £1 Coin Set," available from The Westminster Collection. At the time of writing, only a limited stock of these collector's coins was available, so you'll have to be quick.
How are new coins made?
Depending on the alloy need, the metals are melted in a furnace before being extracted in strips that are cut to produce coils.
The strip is passed through rolling mills to reduce it to the thickness of a coin and blank discs of metal are punched from the strip in a blanking press. These discs are softened using heat and then cleaned.
Once a design is approved, a plaster model is scanned and a digital file is created on a computer. The engraving machine cuts the design into a piece of steel at the correct size of the coin. Finally, blanks are fed into a coining press containing a pair of dies.
This article was originally published by WIRED UK
