All of us in the UK know about the new £5 note that was issued in late 2016. This was exciting for us and we all know we can still use our old £5 notes until a certain dead line in 2017.
However, word has broken out that a new £1 coin is to be released in March 2017, and is in final preparations before its release in March.
Millions of the new £1 coins are being made each day and will be put into circulation.
Like the old £5 note, the old £1 coin will be slowly removed from circulation and will be replaced by the new 12 sided £1 coin.
From March 28, the new currency will be put into public domain but it might take a while before most people get one as people will collect the first versions.
The new coins will be used alongside the old coins just like the £5 notes, until October 15th (the deadline) when all new coins will override the old coins and notes.
Within the system, currently 1 in 30 (1:30) coins is forged causing the new production of the new coins and notes. The government recommends returning all old currency before the legal deadline.
The returned old £1 coins will be melted down to produce the new version of it.
The new coin has a gold coloured outer ring and a silver inner ring.It is based on the design of the old 12 sided three penny bit which went out of circulation in 1971. There are also some rumours leaked about new £2 coin and new £10-20 notes.
by Adam and Harry (main contributors) Correspondents of the St Ambrose BBC School Report.