One pound (British coin)

One pound (British coin)
One pound
United Kingdom
Value 1 pound sterling
Mass  9.5 g
Diameter  22.5 mm
Thickness  3.15 mm
Edge Milled with incuse lettering or decoration
Composition 70% Cu, 24.5% Zn, and 5.5% Ni
Years of minting 1983–present
Catalog number
Obverse
1pound2000front.jpg
Design Queen Elizabeth II
Designer Ian Rank-Broadley
Design date 1998
Reverse
2008£1new.jpg
Design Royal Shield
Designer Matthew Dent
Design date 2008

The circulating British one pound (£1) coin is minted from a nickel-brass alloy of approximately 70% copper, 24.5% zinc, and 5.5% nickel. The coin weighs 9.50 grams (0.34 oz) and has a diameter of 22.50 millimetres (0.89 in.).[1] The value of the composition metals in a £1 coin amount to approximately 4.75p.

The coin was introduced on 21 April 1983 to replace the Bank of England one pound note, which ceased to be issued at the end of 1984 and was removed from circulation (though still redeemable at the Bank's offices) on 11 March 1988. One pound notes are still issued in Jersey, Guernsey and the Isle of Man, and by the Royal Bank of Scotland, but the pound coin is much more widely used. It was given the nickname "round pound" on introduction, although this term did not remain in common use.

As of the 31st of March 2010 there were an estimated 1.474 billion £1 coins in circulation, of which 43 million (2.94%) are estimated to be counterfeit (see "Conterfeiting"). [2]

Contents

Designs

The £1 coin has the standard obverse designs used on all contemporary British coins, namely the effigy of Queen Elizabeth II by Arnold Machin in 1983 and 1984, by Raphael Maklouf between 1985 and 1997, and by Ian Rank-Broadley since 1998. All have had the inscription ELIZABETH II D G REG F D date.

Uniquely amongst modern British coinage, the £1 coin has a mint mark: a small crosslet found on the milled edge that represents Llantrisant in South Wales, where the Royal Mint has been based since 1968.[3]

An interesting feature of this denomination is that the design of the reverse of the coin changed each year between 1983 and 2008 to show, in turn, an emblem representing the UK, Scotland, Wales, Northern Ireland, and England, together with an appropriate edge inscription. The inscription ONE POUND appears at the bottom of all reverse designs before April 2008.

In August 2005 the Royal Mint launched a competition to find new reverse designs for all circulating coins apart from the £2 coin.[4] The winner, announced in April 2008, was Matthew Dent, whose designs were gradually introduced into the circulating British coinage from summer 2008.[5] The designs for the 1p, 2p, 5p, 10p, 20p and 50p coins depict sections of the Royal Shield that form the whole shield when placed together. The new £1 coin design features the shield in its entirety, representing the UK as a whole. The inscription ONE POUND appears on either side of the emblem.

The reverse designs are as follows.

1983, 1993, 1998, 2003 & 2008: Ornamental royal arms.
Edge inscription: DECUS ET TUTAMEN ("An ornament and a safeguard" – originally on 17th century coins, this refers to the inscribed edge as a protection against the clipping of precious metal. The original appearance of the phrase is attributed to an epic poem by Virgil—"viro decus et tutamen in armis" (Aeneid, Book V, L. 262), describing a piece of armour, a breast-plate interwoven with gold, which was awarded as a prize to Mnestheus.) Designed by Eric Sewell.[6]
1984 & 1989: Thistle sprig in a coronet, representing Scotland.
Edge inscription: NEMO ME IMPUNE LACESSIT ("No-one provokes me with impunity" – the Latin motto of the Order of the Thistle).
1985 & 1990. Leek in a coronet, representing Wales.
Edge inscription: PLEIDIOL WYF I'M GWLAD ("True am I to my country" – from the chorus of the Welsh National Anthem).
1986 & 1991: Flax in a coronet, representing Northern Ireland.
Edge inscription: DECUS ET TUTAMEN.
1987 & 1992: Oak tree in a coronet, representing England.
Edge inscription: DECUS ET TUTAMEN.
1988: Crown over the Royal coat of arms.
Edge inscription: DECUS ET TUTAMEN.
1994: Lion Rampant within a double tressure flory counter-flory, representing Scotland.
Edge inscription: NEMO ME IMPUNE LACESSIT.
1995 & 2000: Dragon Passant representing Wales.
Edge inscription: PLEIDIOL WYF I'M GWLAD.
1996 & 2001: Celtic cross, Broighter collar and pimpernel, representing Northern Ireland.[7]
Edge inscription: DECUS ET TUTAMEN.
1997 & 2002: Three lions passant guardant, representing England.
Edge inscription: DECUS ET TUTAMEN.
1998: As 1983. Issued in collectors' sets only, not for circulation.
1999: As 1994. Issued in collectors' sets only, not for circulation
2004: Forth Bridge (Scotland).
Obverse: Rank-Broadley head, inscription ELIZABETH II D G REG F D 2004, starting below, IRB directly under the bust. Encircled by dots.
Reverse: Forth Rail Bridge, ONE POUND below. Encircled by a railway line.
Edge: Two overlapping lines, one curved and one angular.
2005: Menai Suspension Bridge (Wales).
Obverse: Rank-Broadley head, inscription ELIZABETH II D G REG F D 2005, starting below, IRB directly under the bust. Encircled by dots.
Reverse: Menai Suspension Bridge, ONE POUND below. Encircled by a truss.
Edge: Two overlapping lines, one curved and one angular.
2006: MacNeill's Egyptian Arch at Newry (Belfast–Dublin railway line, Northern Ireland).
Obverse: Rank-Broadley head, inscription ELIZABETH II D G REG F D 2006, starting below, IRB directly under the bust. Encircled by dots.
Reverse: MacNeill's Egyptian Arch, ONE POUND below. Encircled by a truss.
Edge: Two overlapping lines, one curved and one angular.
2007: Millennium Bridge, Newcastle/Gateshead (England).
Obverse: Rank-Broadley head, inscription ELIZABETH II D G REG F D 2007, starting below, IRB directly under the bust. Encircled by dots.
Reverse: Millennium Bridge, ONE POUND below. Encircled by a truss.
Edge: Two overlapping lines, one curved and one angular.
2008 onwards: The shield from the Royal Coat of Arms.
Obverse: Rank-Broadley head, inscription ELIZABETH II D G REG F D 2008, starting below, IRB directly under the bust.
Reverse: The Royal Shield, ONE and POUND either side of the shield.
Edge inscription: DECUS ET TUTAMEN.
2010: Coat of Arms of the City of London.[8]
Obverse: Rank-Broadley head, inscription ELIZABETH II D G REG F D 2010, starting below, IRB directly under the bust.
Reverse: Circular Coat of Arms of the City of London, LONDON above at top, ONE and POUND around each side of the Shield. Small Coats of Arms of the other 3 capital cities of the UK in the intended set along bottom (left to right; Cardiff, Belfast and Edinburgh)
Edge inscription: DOMINE DIRIGE NOS ("Lord, guide us." – the Latin motto of the City of London).
2010: Coat of Arms of Belfast.[9]
Obverse: Rank-Broadley head, inscription ELIZABETH II D G REG F D 2010, starting below, IRB directly under the bust.
Reverse: Circular Coat of Arms of Belfast, BELFAST above at top, ONE and POUND around each side of the Shield. Small Coats of Arms of the other 3 capital cities of the UK in the intended set along bottom (left to right; Edinburgh, London, Cardiff)
Edge inscription: PRO TANTO QUID RETRIBUAMUS ("For so much, what shall we give in return?" – the Latin motto of Belfast).

All years except 1998 and 1999 have been issued into circulation, although the number issued has varied enormously – 1983 and 1984 in particular had large mintages to facilitate the changeover from paper notes, while some years such as 1986 and 1988 are only rarely seen (although 1988 is more noticeable as it has a unique reverse). Production since 1997 has been reduced, thanks to the introduction of the circulating two pound coin.

Mintages

1983 443,053,510
1984 146,256,501
1985 228,430,749
1986 10,409,501
1987 39,298,502
1988 7,118,825
1989 70,580,501
1990 97,269,302
1991 38,443,575
1992 36,320,487
1993 114,744,500
1994 29,752,525
1995 34,503,501
1996 89,886,000
1997 57,117,450
2000 109,496,500
2001 63,968,065
2002 77,818,000
2003 61,596,500
2004 39,162,000
2005 99,429,500
2006 38,938,000
2007 26,180,160
2008 3,910,000

(1983 Design)

2008 43,827,300

(Matthew Dent design)

2009 27,625,600
2010 38,505,000 [10]

Counterfeiting

A Royal Mint survey in January 2011 found that an estimated 2.94% (or 1 in 34) of all £1 coins in circulation are counterfeit. This rate has been increasing rapidly from 2.06% in 2008, to 2.58% in 2009, and to 2.81% in 2010, with the highest level of counterfeits being in Northern Ireland (3.6%) and the South East and London (2.97%), with the lowest being in Northwest England. [11] Some estimates place the figure closer to 5%.[12] An earlier survey in 2006 gave an estimate of 1.7%, which itself was nearly twice earlier estimates.[13][14] The significant increase of counterfeit £1 coins in recent times between 2008 and 2009 can be easily traced to the peak of the Late-2000s recession in September 2008.

In July 2010, it was reported there were so many counterfeit pound coins in circulation (about 2.81% or about 1 in 36) that the Royal Mint were considering removing the current £1 coin from circulation and replacing it with a new design.[15] Bookmakers Paddy Power offered odds of 6/4 (bet £4 to win £10) that the £1 coin would be removed from circulation.[16]

One common method of detecting counterfeits (if the sound of the coin on a table or the colour of the metal does not indicate something suspicious) is to check whether the reverse matches the edge inscription for the alleged year – it is extremely common for counterfeiters to get this wrong.[17] Also, the writing on the edge may be in the wrong font and look very poor, and the coins often generally look much less sharp and defined, lacking intricate details. Most counterfeit £1 coins in circulation are made of brass, and most lead copies are easy to spot and are quickly removed from circulation.

The Swazi lilangeni is minted from the same planchets as the British pound coin, and hence has the same chemical constitution, diameter, and mass.[18] The lilangeni, however, is worth significantly less: the 2008 exchange rate is around 14 emalangeni to the pound. This has enabled it to be used for vending machine fraud, and payment fraud in situations where the receiver is unlikely to examine the coins closely.[19]

Further reading

In an April 1993 The New Yorker article 'Real Britannia', Julian Barnes describes the meetings to choose the 1994–1997 reverse designs.[20] This is reprinted in his book Letters from London as 'Britannia's New Bra Size'.

See also

References

  1. ^ "One Pound Coin". Royal Mint Limited. 2010. http://www.royalmint.com/Corporate/facts/coins/OnePoundCoin.aspx. Retrieved 27 May 2010. 
  2. ^ [1], Royal Mint
  3. ^ "History of the Royal Mint". http://www.24carat.co.uk/royalmintframe.html. Retrieved 2008-04-09. 
  4. ^ "Royal Mint seeks new coin designs", BBC News, 17 August 2005
  5. ^ "Royal Mint unveils new UK coins", 2 April 2008
  6. ^ The Inspiration and Designers: Eric Sewell, Royal Mint
  7. ^ 1996 Silver Piedfort £1 - Northern Irish Celtic Cross, The Royal Mint, accessed 28 July 2010
  8. ^ http://www.royalmint.com/store/BritishBase/UK10ENBP.aspx
  9. ^ http://www.royalmint.com/store/BritishBase/UK10NIBP.aspx
  10. ^ United Kingdom decimal coins issued into general circulation, Royal Mint
  11. ^ Martin Hickman (2009-01-29). "Surge in number of fake pound coins". London: The Independent. http://www.independent.co.uk/news/uk/crime/surge-in-number-of-fake-pound-coins-1519082.html. 
  12. ^ Ben Ando (2009-04-08). "Fake £1 coin estimate 'doubled'". BBC News. http://news.bbc.co.uk/go/rss/-/1/hi/uk/7988001.stm. 
  13. ^ Counterfeit Coin Newsletter, Issue No. 8 July 2007
  14. ^ Counterfeit Coin Newsletter, Issue No. 1 December 2003
  15. ^ "One-pound coin so easy to fake, it faces scrap heap". Vancouver Sun. 2010-07-28. http://www.vancouversun.com/news/pound+coin+easy+fake+faces+scrap+heap/3331206/story.html. 
  16. ^ Sarah Preece (2010-07-28). "£1 coin under threat". London: Live Odds and Scores. http://www.liveoddsandscores.com/news/press-releases/4211831/1-coin-under-threat. 
  17. ^ [2][3][4] Three blog entries analyzing counterfeits the author has been passed
  18. ^ "Swaziland’s Coinage". Numismatic Dimensions. http://www.wbcc.fsnet.co.uk/af-swa.htm. 
  19. ^ Taylor, Ros (2002-11-12). "SOUND AS A POUND?". London: The Guardian. http://www.guardian.co.uk/news/2002/nov/12/wrap.rostaylor?commentpage=1. Retrieved 20 May 2010. 
  20. ^ "Letter From London: Real Britannia". The New Yorker (paid registration required for the full article). http://www.newyorker.com/archive/1993/04/12/1993_04_12_036_TNY_CARDS_000365179. 
  • Coincraft's Standard Catalogue English & UK Coins 1066 to Date, Richard Lobel, Coincraft. ISBN 0-9526228-8-2

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