George Osborne, The Chancellor of the Exchequer and Master of the Mint, recently announced the start of a public competition to design the new £1 coin. The winning design will feature on the reverse, or ‘tails’, of the new UK £1 coin, expected to enter circulation in 2017. The competition offers one lucky winner the chance to put their artwork into the hands of millions of people as the existing £1 coins are gradually replaced after 34 years of service.
The design competition not only represents an opportunity of a lifetime to see your design on this ground-breaking coin, but you will also receive £10,000 in exchange for the right to use your design and will get the chance visit The Royal Mint to strike your very own coin. The competition is open to the public, anyone can enter regardless of age or nationality, and it will run until 23:59 on Thursday 30 October 2014. Competition packs and entry forms can be downloaded from royalmint.com. To find out more about the design competition click here.
The last UK public coin design competition saw 29 50p coins designed to celebrate the London 2012 Olympic and Paralympic Games. You can still find all 29 designs in your change today, although many will have been tucked away by collectors, filling many a Coin Hunt collector album.
The Chancellor first announced that there would be a new UK £1 coin during his budget speech in March.
“Now among the oldest of coins in circulation; one in thirty pound coins are counterfeit – and that costs businesses and the taxpayer millions each year. So I can announce that we will move to a new, highly secure, £1 coin… A more resilient pound for a more resilient economy.“
The Rt Hon George Osborne MP
It’s estimated that there were 1,552,876,000 (1.5 billion) £1 coins in circulation as at March 2014. With the new £1 coin replacing the old, the winning design – which could be yours – will reach the hands of millions!
The specification of the new £1 coin will be finalised following a public consultation, however the coin is expected to be 12-sided and bi-colour, with a gold-coloured outer ring and a silver-coloured centre. The proposed 12-sided coin has been well received and in a poll on our blog shortly after the Chancellor’s announcement in March, we asked our readers what they thought of the proposed £1 coin. Of the 4,938 voters, 63% said they ‘loved it’ while a further 28% said they ‘liked it’.
With its 12-sided shape being similar to the pre-decimal ‘threepenny bit’, the proposed new £1 coin has a distinctly British feel, and it’s expected that the winning design will follow suit. So what does ‘Britishness’ mean to you?
Join the conversation about the new £1 coin design competition on Twitter using #yourpoundcoin or on our Facebook page. Or visit the competition page to download the competition pack and entry form and get cracking on your design today!