Pound Coins - relatively new to British currency

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The ubiquitous pound coins have only been circulating through the tills, purses and pockets of Britain since 1983. Margaret Thatcher’s Tory government introduced the one pound coin to replace Britain’s weathered one pound notes. Mrs Thatcher herself believed the pound coin wouldn’t be very popular, but the coin’s durability was key to its distribution. Its nickel-brass alloy composition would last 100 years in circulation, in comparison with the six month lifespan of a one pound note.

The pound coin’s predecessor, the gold sovereign, was a mainstay of British currency from its first production by Henry VII in 1489. One pound notes were brought into circulation during World War I to replace the sovereigns which helped to finance the war effort.

Pound coins carry constantly changing designs

A great point of interest for pound coin collectors is that this denomination alternates between obverse designs every year. Throughout years of production pound coins change annually, and bear in turn emblems for the United Kingdom, England, Wales, Scotland and Northern Ireland. Over the years this has seen the thistle sprig ( Scotland), the leek ( Wales), flax ( Northern Ireland) and the oak tree ( England) adorn the back of these coins. The Welsh Dragon, English Lion and the British coat of arms are other designs to have featured on one pound coins.

British architecture also features on this coinage. The new designs for 2004-2007 were to feature four bridges from different parts of the UK: Forth Bridge, Scotland; Menai Suspension Bridge, Wales; MacNeill’s Egyptian Arch, Newry, Northern Ireland; and the Millennium Bridge in Newcastle, England.

One pound, Two pound and Five pound coins

While large numbers of pound coins were issued in 1983 and 1984 in preparation for the changeover from banknotes, some years have significantly smaller issues. 1986 and 1987 pound coins are only rarely seen, and there were no pound coins issued for circulation dated 1998 or 1999. Production of one pound coins dropped immediately after 1997 when the two pound coin was introduced to Britain.

The two pound coin was Britain’s first bi-metallic coin to enter into circulation since 1692. Eight years previously, in 1990, five pound coins were reintroduced back into British currency. First produced by George IV from 1826, five pound coins were minted sporadically over the years, with the 1953 and 1954 strikings not even released to the public. These rare coins are now valued upwards of £150,000.

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