New pound coin

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They're selling them at face value, but they only weigh 62.86 g

**LINK**

http://www.royalmint.com/shop/Trafalgar_Square_2016_UK_100_pound_Fine_Silver_Coin

Scrap value of fine Silver is around 40p per gram

62.86 x 0.4 = 25.144

MichaelG.

Legal tender guidelines

"Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded."

Martin 100...........

The tax man will not accept payment in cash. Read your tax demand, it's nonsense determined by government who have always got you by the 'nads

Due to the cost of changing the coin mechanisms for machines when a new coin is introduced I see new vending machines are being fitted with card readers and can accept payment by Android Pay and the Apple equivalent (not sure of the official title). We are heading towards the cashless society that the government would surely love as it will kill some of the cash transactions that avoid the taxman's eyes.

Martin C.

On the subject of legal tender, it is possible settle your annoying debt of say 10p that some previous energy supplier keeps hounding you for, by simply sending them a 10p stamp.

yes

TPosted by jason udall on 27/03/2017 18:42:36:
I note the new coin is twelve sided ( or 14 if we include "faces".

Now I note the twenty and fifty pence coins are what are known as constant radius...ie the one vertex is the center of the other side which in itself is a segment of a circle not a flat...
All this so you can have coins with flats that can roll...down coin acceptors thought's.

So how will a EVEN number of sides work?
( An aside..I suggested to the chap at my bank ...well I guess they a have thought that one out..."I wouldn't assume that" je said

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Don't worry, Jason

The new Pound coin is NOT 'twelve sided' in the sense that we would interpret it.

I've just had a look at one under the stereo microscope:

• The six un-milled 'sides' are very clearly arcs, and appear to present both a constant radius and a constant diameter. [i.e. the thing is essentially circular]
• The six milled 'sides' are more slightly curved, but still far from flat.

MichaelG.

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P.S. ... Inevitably; seen at 40x magnification, the actual coin looks very rough compared with this:

https://m.youtube.com/watch?v=5sLhzorMQMc

Edited By Michael Gilligan on 01/04/2017 22:33:51

So the vile calumnmy being put about that it is 12 sided so you can use a spanner to get them out of a Yorkshireman's hand must be wrong then.

I suppose the milled sections would give increased grip on a miniature strap wrench

Edited By duncan webster on 02/04/2017 01:10:52

Edited By duncan webster on 02/04/2017 01:11:07

Just a thought, the milled edges of the £1.00 coin will no doubt soon wear the pocket fabric and a cascade of coins fall to the floor! Will we now go and buy a coin wallet or perhaps one of those pouches made from a bulls scrotum?

I was in Nairobi and my wife and I visited a souvenir shop and the young Asian girl was showing a tourist a draw loop pouch. When asked by the tourist what it was made from the girl replied a Bull Buffalo scrotum. the tourist shrieked and dropped the pouch while my wife and I doubled up laughing.

Clive

Don't forget, you've to get it out of his pocket first.

 Errr, so THAT's what the edge millings for.

Regards Ian. From the heart of god's county.

Edited By Circlip on 02/04/2017 10:44:47

May be a bit late with this...........

Reading up some posts I read that the French from 790-1780 used LA LIVRE (eng POUND) as currency. Not to be confused with LE LIVRE which is a book. How odd.

Maybe not so odd? Is not a pound called a pound because it was a pound weight of silver?

Take a look at

**LINK**

I'm no expert in all this, I just remember stuff.

regards Martin

I think you've got it right, the original pound was; eventually the coin makers started to introduce lead and tin into the silver and it devalued the currency to such an extent in the medieval ages, that they were summoned to Winchester and some 60-90 men were severely punished.

I had my first new 1 pound coin today... I had a look through a magnifying glass ,and its all scratched and beaten up already !! Can't even make out the hologram ... is it supposed to be a £ sign ? They won't last long

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I believe 'hologram' is a slight exageration [pretty sure that some of the literature said 'like a hologram']

It appears to be rather more like a reflective version of those ghastly 3D postcards with a prismatic overlay.

It should flip from £ to 1 according to the angle of view.

I haven't yet studied it in detail, but it seems to be achieved by 'bruising' the surface.

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MichaelG.

Gave one to our 8 year old grandchild. The response 'granda, make sure no one gives you a euro coin instead of a new pound coin as they look very similar.' Out of the mouths of ................ .

Michael Gilligans comment on the scrap value of silver is not really as relevant as it sounds. One of the principles of real coins (of precious metal) was that the source of the coin was identifiable and reliable, so you could trade it as silver or gold without having to go through an assay process. So, the value of the coinage was always greater than scrap.

The term 'coining' is used in the metal trades for the process of deformation between two flattish blocks of steel. The complexity of the impression produced by the design was their way of making forgery difficult - and it still is.

And yes, way back in the days of yore*, a pound really was the value of a pound of silver.
*Round about the time of the last successful invasion by a bunch of immigrants, I think.

Regards, Tim

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Tim,

You disappoint me ...

Not only by your accusation; but also by your omission of an apostrophe.

MichaelG.