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The round one pound coin deadline is quickly approaching as it has less than 100 days left in circulation. It has been reported that people have already returned 800 million of the old coins, which originally entered circulation in 1983.
Adam Lawrence, CEO and Deputy Master of The Royal Mint, said: “The Royal Mint is very proud to have delivered the new 12-sided one pound coin and ensuring a smooth transition is now our top priority.
Many of the old round pounds returned will be melted down to make the new coins, so we’re asking everyone across the UK to make sure they check their coin jars and piggy banks for round pounds.”
The billionth new twelve sided one pound coin has already passed through the Royal Mint’s production line. By the end of this month there will be more new pound coins than old in circulation in the UK.
We previously discussed key facts your business needed to know about the new one pound coin when it was first released in March this year. In the final days of the round pound coin you can make sure that your business carefully separates the new coins from the old coins.
All retail shops will accept the old pound coin in the lead up to and including the 15th October, so make a conscious effort to spend your old coins. You can also deposit or swap them at your bank but before you do this make sure you check for any rare coins that may be amongst them.
As a business owner, you are under no obligation to accept or distribute the old round pound coin from 16th October 2017. For more information visit www.thenewpoundcoin.com