NOW is time to check your purses, wallets and draws and dig out those old £1 coins. Perhaps you’ve been on a recent trip to the UK and came back with a pocket full of change? You have until October 15 to spend them or give them to people who are returning to the UK to spend them on your behalf.
The point has now been reached where there are more of the new 12-sided £1 coins in circulation than the old round pounds.
Speaking on reaching the changeover point between the old and new pound coins, the Exchequer Secretary to the Treasury, Andrew Jones MP said: “To have more new coins in circulation than old at this point is great news. However, with less than 100 days to go, the clock is ticking. We are urging the public to spend, bank or donate their old pound coins and asking businesses that are yet to do so, to update their systems before the old coin ceases to be legal tender.
CEO and Deputy Master of The Royal Mint, Adam Lawrence, said: “The Royal Mint is very proud to have delivered the new 12-sided £1 pound coin and ensuring a smooth transition is now our top priority. We hope our announcement about the changeover point will encourage those businesses who have not yet upgraded their equipment to do so ahead of the October 15 deadline.”
The new 12-sided £1 coin was brought in to tackle the rise of counterfeit coins, which cost businesses and the taxpayers across the UK millions of pounds every year. With less than two months to go before the round pound loses legal tender status, it is vital that the public continue to return their old pound coins.
Businesses are also being encouraged to get ready. The government is reminding all those who are yet to prepare for the new 12-sided £1 coin to do so now by upgrading equipment and informing customers.