The official currency denomination for the United Kingdom is pounds sterling ("£"). Initially, 1 pound coins were divided into 20 shillings, and each shilling was 12 old pence. After decimalisation, the pound got divided into 100 new pence. The first £1 coins were released on 21st April 1983, also the date of the Queen's birthday, and replaced the £1 note but which remained legal tender until 1988. The coin was introduced in an effort to minimise counterfeits. In 2017, a new 12-sided £1 coin was launched which would again be even harder to replicate. 

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