The round £1 coin will be withdrawn from 16 October 2017
The round £1 coins, that have been in circulation since 1983, will no longer be accepted from 16 October 2017. They will be permanently replaced by the new, 12-sided £1 coin which has been in circulation since March 2017. The round £1 coins will remain in circulation until October 15th, however from the 16th onwards, you are under no obligation to accept them from your customers, nor should you distribute them to customers as they will no longer be legal tender.
If customers are given old £1 coins after the 16th, they have the right to refuse and ask for a new £1 – if the cashier has any – instead. Therefore, it is imperative that businesses and their staff know what they need to do from this date onwards. Finally, any money handling equipment will need to be upgraded.
From the 16th October all old £1 coins should be banked. Most banks and Post Office counters will continue to accept them.
Frequently Asked Questions:
Why is the round £1 being demonetised?
It is being replaced due to its vulnerability to counterfeiters. Approximately one in thirty round £1 coins in circulation is a counterfeit.
Called “the most secure coin in the world”, the new £1 will reduce the cost of counterfeiters to businesses and taxpayers.
Is there are new style £1 coin?
Yes. The new coin is 12-sided and is thinner and lighter than the round £1 coin.
What should I do in preparation for the end of the round £1 coin?
- Contact your bank and make arrangements to get the round £1 coin banked
- Advise staff on the advice they should give to customers
- Encourage staff to start giving customers the new £1 coin
What happens if I still have a round £1 coin after the 16th October?
If you still have the old coins after the 16th, you should no longer give these to customers. Instead you should bank them as soon as possible.
Further information on the withdrawal of the round £1 coin can be found on the New Pound Coin website: www.thenewpoundcoin.com