NEW POUND COIN – ALL YOU NEED TO KNOW
The old coin was replaced by the 12-sided £1 back in March, and since then the two have been in co-circulation.
However, after the deadline has passed the round pound will lose its value.
Here’s everything you need to know.
When do the old round pounds go out of circulation?
The round £1 coins will cease to be legal tender on October, 15. This means they will no longer be valid.
After the deadline retailers will not be able to accept the coins or hand them out to customers.
The first ever £1 coin came into circulation in 1983 and replaced the £1 notes. Since then the Royal Mint has produced more than two billion of them.
What if I miss the deadline?
Most banks and building societies will let customers deposit the coins after the deadline has passed, check with your bank to see if they will be offering this service.
Some may only accept the coins bags of 20, instead of just the odd one or two, so it might be worth cracking open your piggy bank and having a rummage behind the back of the sofa.
What happens to my old £1 coins?
Some of your old coins will be returned to the Royal Mint where they will be melted down and used to make the new 12-sided coins.
Why did the Royal Mint introduce the 12-sided coin?
The Royal Mint reported that one in every 30 round pounds was a counterfeit as it was vulnerable to sophisticated fraudulence.
Of its 12-sided replacement Royal Mint chief executive, Adam Lawrence said: “It’s been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come.
“Staying ahead of sophisticated counterfeiters remains a constant challenge and this coin helps in that battle.”