The coin was introduced on 9 February 1983 to replace the Bank of England one pound note which ceased to be issued at the end of 1984 and was removed from circulation on 11 March 1988, though still redeemable at the Bank's offices, like all English banknotes.his article is about the British one pound coin issued since 1983. For other coins worth one pound or other currencies called pound, see £1. The British one pound (£1) coin is a denomination of the pound sterling.