New one pound coin worth only 58p after Article 50 triggered tomorrow
The new one pound coin will be worth only 58p after Article 50 is triggered by Prime Minister Theresa May tomorrow, it has emerged.
Experts warn the pound will take another hammering on the foreign exchange markets when the official Brexit process begins.
And that means the shiny new one pound coin, which enters circulation today, will nearly half in value in just 24 hours, and may as well be called the new 50p.
“Everyone is going on about how lovely the 12-sided new one pound coin is. But it will very quickly be known as the new 50p coin.
“The pound has been falling ever since Britain voted to leave the EU – and the triggering of Article 50 will add further pressure.
“But at least the industry that services coin operated machines is coining it in as they change the mechanisms on everything from lockers to shopping trolleys.”
But some economists claimed the currency will soon recover and the new one pound coin will be worth having.
Article 50 will not be triggered with some huge fanfare as one might imagine. Instead, Mrs May will simply write a letter to the European Council to inform them we’re off.