The new 12-sided £1 coin has entered circulation

EIGHT years ago this week it was announced that pound coins as we knew them were about to undergo "a massive change".

In a bid to combat the huge numbers of counterfeit £1 coins in circulation, the Treasury announced eight years ago this week that pound coins as we knew them were about to undergo "a massive change".

No longer would they be round, but instead would have 12 sides.

The 12-sided coin came into circulation a few months later on March 28, 2017, with the 30-year-old round pound coin phased out by The Royal Mint and the Government - losing its legal tender status on October 15, 2017.

Ahead of the change cash-handling firms and those operating vending machines were directed to a website - thenewpoundcoin.com [no longer operating] - to help guide them through the transition.

David Gauke, chief secretary to the Treasury, said: "The pound as we know it will not be round for much longer.

"The introduction of this new £1 coin will be a highly significant event and we are working with the Royal Mint to ensure key industries are ready and to ensure a smooth transition."

The Government said the new coin would be the "most secure of its kind in the world" and would help combat counterfeiters, who had around 45 million counterfeit £1 coins in circulation at the time.

New security features include a hologram-like image that changes from a £ symbol to the number 1 when the coin is seen from different angles.

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