News update – The New Pound Coin, May Triggers Article 50 and The ‘Big Maple Leaf’ Coin Stolen

The new pound coin has been released and Prime Minister Theresa May triggers Article 50. The European Union have began to outline a strategy for Britain leaving the EU and start 2 years of negotiations. In Germany the ‘Big Maple Leaf’ coin was stolen from the Bode Museum in the early hours of the morning on 27 March.

New Pound Coin

A new 12-sided pound coin entered circulation on the 28 March. Boasting a number of high security features, one of which is a very closely guarded secret known only by the Royal Mint and British government. Company officials have stated it as ‘the most secure coin in the world’. Unlike the round pound, this dodecagon version is made of two metals. The inner ring is silver coloured (nickel-plated alloy) and the outer ring is gold coloured (nickel-brass).

Many businesses across the UK were advised to have already upgraded their machines to accept the new 12-sided pound coin. However, during the crossover period, the new coin may not work in all machines around the UK. In wake of this information, general merchandise retailer Tesco have kept their trolleys unlocked until they are fitted with new locks.

From the 15 October, stores up and down the country will be under no obligation to accept any round pound coins. The Royal Mint are encouraging the general public to spend their round pounds or return them to their local banks before this date, as they will no longer be legal tender.

Article 50

Theresa May signing the letter invoking Article 50

Meanwhile Tuesday evening, Theresa May issued notice of Britain’s intention to leave the European Union in a six-page letter to Donald Tusk (President of the European Council). This document formally starts the process of Britain’s departure from the European Union. A two-year period is set for Brexit negotiations, with hope that Britain can strike up a trade deal with the EU. If not, we may see a repeat performance of the gold prices when Britain initially voted to leave the EU.

‘Big Maple Leaf’ Coin Stolen

In the early hours of 27 March, the ‘Big Maple Leaf’ coin (worth approx. £3.2 million GBP) was stolen from the Bode Museum in Berlin, Germany. The museum is known for its impressive collection of coins – 50,000 Roman coins and a whopping 102,000 coins from ancient Greece. Though only a small number of these many ancient and recent coins are shown at exhibits.

Berlin police believe that the thieves gained access by scaling the building with a ladder and breaking open a window at the back of the museum. The ladder was later found next to railway tracks opposite the museum. No security camera footage has been released. Police also believe that there may have been more than one thief as the coin weighs 100kg, which is a substantial weight for just one person to be carrying around.

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