A new design for the £1 coin will enter circulation in 2023, to mark the coin’s 40th anniversary.
The news was revealed during the Royal College of Arts reception last week by chancellor Rishi Sunak, who told the gathering that the innovative design has been commissioned to celebrate the “culture, creativity, and heritage and history” of the UK in the 21st century.
One of Britain’s brightest artists, Michael Armitage, was commissioned to create the design and was chosen by the Chancellor on advice provided by an independent panel with expertise in coin design and art.
Rishi Sunak said: “I am delighted that Michael will lend his vision to the creation of this new £1 coin design in its 40th anniversary year. This coin will symbolise the rich tapestry of modern Britain and honour our deep heritage and history.”
The design will become the standard circulating £1 coin and is to include the current world-leading high-security features to protect against counterfeiting. This is the first time that the new 12-sided £1 coin has been redesigned since its introduction in 2017.
Coin artist Michael Armitage said he was honoured to have been selected to produce the new design: “It is a great privilege to have the opportunity to collaborate with the Royal Mint on the design of the new £1 coin.
“It is an honour to be part of the lineage of coin-making in the United Kingdom and I am grateful to the Chancellor and the selection panel for the opportunity to contribute to this history in considering what it is to be part of Great Britain today.”
The contemporary design will feature on the reverse (or ‘tails’) side of the 2017 coin and will be revealed later this year ahead of the coin entering circulation in 2023.
Anne Jessopp, Chief Executive of the Royal Mint, added: “The £1 coin is a symbol of Britain that is recognised around the world. As such we are delighted to work with Michael Armitage to create a new design that celebrates the people of Britain and our diverse culture.
It is the first new £1 design since 2017 and will combine our 1,100 years of craftsmanship, with cutting edge design to champion modern Britain.”