Yahoo Finance 'Toytown money': What happened when the original £1 coin was launched in 1983
As the new 12-sided pound coin enters circulation, it is instructive to look back at how the introduction of the current one was greeted by the public – and by The Telegraph's readers, gossip columnists and letter writers.
Here is a selection of our articles on the coin from that week in April 1983.
Birthday launch for £1 coin
News report, Saturday April 16, 1983
The £1 coin is to be introduced into circulation on Thursday [April 21], the Queen's 57th birthday.
The gold-coloured coin, 3mm thick and weighing 9.5 grams, will be distributed to banks around the country.
More than 200 million of the coins, slightly smaller than the 5p piece, will rapidly work their way into everyday use, gradually replacing pound notes. After the initial distribution, the Royal Mint at Llantrisant in South Wales will be producing some eight million a week.
Described as "expensive looking", the coin's yellow colour has been produced from a combination of copper, zinc and nickel. Each is expected to have a life span of about 40 years.
The design of the new coin was chosen from among 40 submitted in an open competition.
It shows the profile of the Queen on one side and a Royal Coat of Arms on the other. The coin is the first to carry the mint's own mark, the ancient cross of Llantrisant.
Around the edge is engraved the Latin words "Ducus et Tutamen" – an ornament and a safeguard, an inscription reintroduced from early English coins.
The round pound
Editorial comment, Thurs April 21, 1983
Ever since Harold Wilson went on the air 16 years ago and reassured the British public, in the face of his Government's devaluation of sterling, that this did not mean the "pound in your pocket" was affected, people have taken an increasingly sceptical view of government actions and the value of the currency.
Hit in addition by decimalisation and many years of inflation, the value of the pound has deteriorated so much that many citizens no now longer use traditional wallets for the notes but stuff them into pockets – or carry piles of small change.
Indeed, in a debate in the Lords last month, one peer echoed popular sentiment when he suggested that the Chancellor should free the repair of trouser pockets from VAT because of the extra weight of coins carried as a result of inflation.
Another, echoing sentiment north of the border, even asked for the relief to be extended to sporrans. From today, the peer's worries may be increased. A £1 coin will be available throughout the United Kingdom.
Though there have been many criticisms about the size of the coin – somewhat smaller than a 5p piece – there is no doubt that in certain quarters it will find a ready market. Not only have gas and electricity boards, who supply coin-operated meters, been calling out for such a coin for years, but so have the manufacturers of cigarette vending machines.
There is also a move towards replacing traditional labour intensive staff canteens with food vending machines in factories and workplaces, something which will be assisted by the introduction of the new coin.
But currency in Britain has never been regarded purely from a utilitarian point of view. It has for long been a symbol of the country's innate worth, of the strength of the nation. It is a pity, in this respect, that such a coin should be being introduced under the first Prime Minister in recent years to halt the slide in our national affairs, to stem inflation, and to foster real growth.
As a symbol the new coin – worth no more than an eightieth of the old gold sovereign – reflects more about what has happened in the recent past than where Britain stands today.
£1 coin gets 'What's that?' reaction
News report, Friday April 22, 1983
The new gold-coloured £1 coin had a mixed reception, ranging from outright disapproval to mild enthusiasm, when it went into circulation yesterday.
Some described it as "funny money", "toytown money" and "Mickey Mouse" money. But it found support from British Rail, London Transport and the vending machine industry.
Branches of some banks reported a sell-out before lunchtime. But stocks will soon be replenished, as more than 200 million have already been minted and production will continue at eight million a week.
At the National Westminster Bank in Upper Street, Islington, I was the first customer to ask for the coins at 9.40am.
Other customers showed little interest in the coin, but I was soon to find myself deep in conversation with the newsagent, the bus conductor and assistants in West End shops as they caught their first glimpse of the coin that will eventually replace the green pound note.
Just about to say I hadn't given him enough for the three papers I was buying, the newsagent laughed loudly as he felt the weight of the new £1.
"I might have known you didn't expect to get those for 20p," he said, "but honestly that's what it felt like until I took a closer look. "I shall keep this one for a souvenir. I can see it's going to cause a lot of confusion."
Then on to the bus. I handed over my pound coin, which was promptly put into the conductor's bag and a 20p ticket issued.
I tapped the conductor's arm and pointed out that I had given him a £1. He dug deep into his bag and pulled out a handful of change including the glinting £1. I asked him what he thought of it. "It's going to make a lot of trouble," he said.
When I hailed a taxi to return to the office, the driver's reaction when I gave him one of the new coins was: "Does this come from outer space – it's got ET on it."
The coin has the inscription "Decus et Tutamen", meaning an ornament and a safeguard, and was used in the 17th century to deter coin "clippers" from filing small pieces of silver from coins to make their own money.
Another more serious reaction was that of a fruitseller, Mrs Dorothy Brook, who said: "They look like that gold foil-covered money which kids get at Christmas."
Money matters
Letter to the Editor, Thursday April 21, 1983
SIR - The re-introduction of the £1 coin has focused attention on our currency and on what a mess it is. In order to achieve a logical system based on colour, shape, size, and weight, it is suggested that we need to:
Phase out the now-useless halfpenny coin; retain the current 1 penny and 2 pence coins; introduce a new copper-coloured seven-sided 5 pence coin a little larger and heavier than the 2 pence: phase out the current 5 pence and 10 pence and 20 pence coins.
We should introduce: a new silver-coloured, circular 10 pence coin of the same size and weight as the current 5 pence coin; a new, silver-coloured 20 pence coin of the same size and weight as the current 10 pence coin; a new £2 note.
This would provide a colour, shape, size and weight related coinage as follows: copper – 1 penny, 2 pence circular and 5 pence seven-sided: silver – 10 pence, 20 pence circular and 50 pence seven-sided: gold – £1 circular. This coinage would be supported by a note issue of £2, £5, £10, £20, and £50. £2 circular and £5 seven-sided gold-coloured coins could also be re-introduced later if desirable.
(Col.) W. A. C. BROWN
Regimental Paymaster,
Chester.
Weighty matters
London Day by Day column (Peterborough), Thursday April 21, 1983
Among those least happy about the introduction of the new £1 coin is, I hear, the Post Office.
It has discovered that £100,000 worth of new coins weighs about a ton. Since it handles some £60,000,000,000 in cash every year there has had to be a massive review of secure storage.
Not only has more space had to be found, but some strongroom floors have had to be strengthened.
