New 12-sided £1 coin design unveiled

I don't really think they are in crisis. What else would you suggest? Pegging back to Gold/Silver? Do you think Eastern Fiat currency is any stronger? The stock market for commodities like that are so volatile it just doesn't make sense using it as a currency. The same goes with Bitcoin (which I would love to succeed but I highly doubt it'll be anything more than an investment)

What do you think?



This is the £1 coin that will be going into circulation from 2017, just unveiled by the Royal Mint today. The design on the back is by a 15-year-old GCSE student called David Pearce, whose design beat 6,000 other entrants to become the one that's featured.

I think they could have gone for a slightly more interesting design on the back, but I guess it's intended to emphasise the unity of the UK.

Charities make the bulk of their money through large investors, they only do cash donations because people like to put 1ps into buckets because they can't be bothered carrying them around with them.

The Homeless are better off if we have a unified government scheme to house and address the situation. Your 20p donation does nothing to their welfare in the long run.

They already have made it easy to pay for bus fares without cash. You can no longer use cash on London buses. First Buses also use mobile phone apps to buy tickets with (usually cheaper than cash fares), so does my municipal bus provider in Cardiff. You can buy singles, returns, weekly and monthly tickets all through an app. No need to take out £10, only to break into it because you need change!

Again children's pocket money can be done through children's bank cards. I bet parents would love it because not only does it teach kids to use bank accounts for when they're older but they can keep track of what their kids are spending their money on.

You have to admit that's where the world is heading... I don't know why people are trying to fight it. It's convenient for everyone.

Seriously, what was wrong with the round pound coin?

It's too easy to create fraudulent coins at the moment. As mentioned before on this thread, around 3% of £1 coins are fake.

Is anyone else wondering how this new shape is suppose to work in current vending machines or tesco trolleys or anything else which require a 1 pound coin to be put in, will phone booth be able to recognise this new shape of a pound

Well then, what about charity cake sales, small market stalls, vending machines, parking meters, buying a pint of beer, tipping a waiter, flipping a coin or simply lending a friend a fiver? I'm aware that all these things can already be done by card or with an app, but in most cases the proposed solution is so clumsy and inconvenient that people do still prefer to use cash. We'll probably phase out cash eventually, but I don't see it happening any time in the next decade.

Well then, what about charity cake sales, small market stalls, vending machines, parking meters, buying a pint of beer, tipping a waiter, flipping a coin or simply lending a friend a fiver? I'm aware that all these things can already be done by card or with an app, but in most cases the proposed solution is so clumsy and inconvenient that people do still prefer to use cash. We'll probably phase out cash eventually, but I don't see it happening any time in the next decade.

I reckon in 50 years we'll still be using cash (but obviously card use will be even more prevalent than it is now). I'm convinced that we need physical currency, for reasons like the ones you gave and many more.

You're right, charity cake sales/car boot sales will be genuinely challenging. However, Paypal on mobile phones is becoming very sophisticated these days... but I do think a lot of physical currency may make these sort of events harder. There have been studies that point out that people do not carry cash with them but they'd happily donate via electronic means, through one off payments on mobile apps.

Vending machines, parking meters can easily install (and some do have) card machines rather than coin slots. Practically all pubs accept card.

I don't particularly agree with the concept of tipping but I'll give you that one, that would be difficult.

Simple bank transfer to lend your friend a fiver. Mobile phone apps make this so easy to do... especially with Barclays Pingit app. My friends have no hassle doing this. I don't think they are clumsy. I think drawing out a tenner (because lets face it... most cash machines don't spout out £5 notes), breaking into the note and spending something you don't particularly want only to have the change to give your friend is extremely irritating.

As I said, it is possible to do all these things by card or with an app, but it's still inconvenient for small sums. It take much longer to open an app, enter the payment details, go through the various stages of authentication and wait for approval from the bank, than it does to grab a few coins out of a pocket and hand them over. Same goes for cards.

When somebody comes up with an electronic means of payment that's as straightforward and instant as cash, and needs no extra equipment on either the buyer or the seller's side, then I'll support phasing out cash, but not before.

It looks like a cross between a 50p and a £2. Very good design considering the designer was 15.

Still, I prefer the one we have already - it's simple and stately. It's small but I think the thickness and weightiness confers an idea of effortless and stoic strength. This one on the other hand looks ostentatious by comparison - like it is trying too hard.

As I said, it is possible to do all these things by card or with an app, but it's still inconvenient for small sums. It take much longer to open an app, enter the payment details, go through the various stages of authentication and wait for approval from the bank, than it does to grab a few coins out of a pocket and hand them over. Same goes for cards.

When somebody comes up with an electronic means of payment that's as straightforward and instant as cash, and needs no extra equipment on either the buyer or the seller's side, then I'll support phasing out cash, but not before.