New £1 Coin: “Tails” Competition Now Open!
Back in March, we told you about the new pound coin to be introduced by the Royal Mint in 2017, which will include some of the same counterfeit-proof tech found in Britain’s banknotes.
When George Osborne made the announcement in this year’s Budget, he explained that one pound coin in every 30 is a fake, which costs both businesses and taxpayers millions every year.
So, for the first time in 30-odd years, a new 12-sided pound coin will be placed into circulation. As with all British coins, the Queen’s silhouette will grace the “heads” side of the coin, but an image for the “tails” side had yet to be determined. It was also announced that a competition would be held for members of the public to design a suitable concept for that side of the coin.
The competition is now open!
Mr Osborne explained that the new design should symbolise Britain, with artists drawing inspiration from their favourite landmarks, achievements or piece of history. “The winning design will be in millions of people’s pockets and purses,” he said. “It will be ‘heads, you win; tails, it’s your design’.”
The Treasury will also be holding a public consultation of the specifications and design of the new coin, while the Royal Mint will be working with the winning designer to ensure the artwork fits in with the coin’s specifications.
The Royal Mint Chief Executive Adam Lawrence said that he and his team are thrilled to be working on this project. “[It] will not only modernise the current one pound coin… but also potentially change the way that coins are made in the future,” he said. “We are giving people the rare and unique opportunity to create a new design for an iconic coin.”
Full terms and conditions for the competition are on the Royal Mint website, as well as tips and hints to help inspire your design. All designs must be submitted by October 30 and will only be accepted when on an official submission form.
Not only will the winner be invited to visit the Royal Mint in South Wales, but they will also receive £10,000 as payment for the right to use the design.
So, if you think you have what it takes to create the ultimate British image for the new coin, crack open the pencils, pens and/or crayons and get to it.