With the old one pound coin becoming obsolete on 15 October 2017, the Treasury are again reminding businesses to remain vigilant when returning coins and ensure customers are only given the new 12-sided £1 coin (pictured) in their change.
Currently half of the £1 coins being returned are the new 12-sided £1 coin – not the discontinued old one.
Speaking last month at one of the UK’s largest coin storage facilities, Vaultex UK Ltd, in Dagenham, the Exchequer Secretary to the Treasury, Andrew Jones MP said:
“Businesses must remain vigilant when returning coins and ensure old and new coins are organised in separate packaging to make the sorting process quicker and easier.
“We also want cashiers and shopkeepers working at till points, who are truly on the front line of the changeover, to play their part to ensure only new pound coins are given to shoppers in their change.”
Still want to accept the old pound coins after the deadline?
For those retailers who still want to accept the old pound coins, you can advertise this to your customers by downloading the in-store posters below.
The old pound coin will cease to be legal tender in...
The new 12-sided £1 coin, which entered circulation on 28 March 2017, has a number of features that make it much more difficult to counterfeit, including:
- 12-sided – its distinctive shape makes it instantly recognisable, even by touch
- Bimetallic – it is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy)
- Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles
- Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin
- Milled edges – it has grooves on alternate sides
- Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future