Guernsey £1 coins consigned to history

Tuesday 08 January 2019

Despite plans to allow the Crown Dependencies to start using 12-sided £1 coins like they have in the UK, Guernsey has no plans to start minting its own again.

The island hasn't actually had its own £1 coins since October 2017.

The decision had been made to withdraw the local £1 coin from circulation in 2016, when the UK decided it was going to move from a circular coin to a 12-sided coin.

Those new pound coins were introduced in 2017 with the aim of being more secure than the circular coins. They are now said to be the most secure coins in the world.

Each coin currently features a rose, leek and thistle to represent the four nations of the UK – England, Wales, Scotland and Ireland. They are also used in other jurisdictions, such as the Crown Dependencies and British Overseas Territories, such as Gibraltar and the British Virgin Islands. 

UK Ministers have now gone a step further though and have said those other jurisdictions can also create a coin that better represents their heritage with the same security benefits. Guernsey won't be taking up that opportunity though. 

Pictured: The current design on the back of the coins represents the UK's four nations.

Lord (Tariq) Ahmad of Wimbledon, Minister of State for the Overseas Territories, added: “This is an exciting opportunity for our currency to reflect the breadth and variety of the British Territories. Each will be able to create a design that reflects their own distinctive heritage as part of the British family. As well as helping to boost their identity, these new coins will also bring increased security to each of these economies.”

The Royal Mint would have to approve any new designs, and it's believed Jersey is looking at incorporating images including potatoes and local landmarks when it introduces a 12-sided coin. But the States of Guernsey have said we won't be.

Pictured: Guernsey's money is issued by the States and the island's Treasurer has said we won't be getting any more Guernsey issued £1 coins. 

With Guernsey's £1 notes remaining so popular, the decision was already made to stick with them at the expense of £1 coins. That decision is being stuck to and the States Treasury said we won't see any more Guernsey £1 coins being issued.

"Following the announcement in 2016 that the round £1 coin was to be replaced with the new 12 sided coin, the States Treasury made the decision to withdraw the Guernsey round £1 coin from circulation using the same timeframes as set by the UK Government, with the withdrawal completed by 15 October 2017.  Given the lack of demand for Guernsey £1 coins (new coins had not been issued since  2006) and the continuing popularity of the £1 banknote it was decided not to introduce a Guernsey 12 sided £1 coin.

"The States of Guernsey Treasury noted the announcement on Sunday by the HM Treasury that the new £1 coin will be made available to British Overseas Territories and the Crown Dependencies, but has no plans to reintroduce a Guernsey £1 coin at the present time."

Pictured top: There won't be any 12-sided £1 coins from the Guernsey Treasury.