£1 coins lose their legal tender from 15 October 2017
22 February 2017
The government is reminding businesses and individuals of the importance of using or returning all old £1 coins before 15 October 2017 when they lose their legal tender status.
On 28 March 2017 the new 12-sided pound coin enters circulation. This is the first time the £1 coin has been changed in over 30 years and is reported to be the most secure coin in the world. It boasts several new security features, including a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. It also has micro-lettering and milled edges, to prevent counterfeits, which cost taxpayers and businesses millions every year.
Businesses of all sizes are being encouraged to visit the New Pound Coin website to find out how to get ready for the change, and to download helpful materials to help educate and train staff.
All cash handling businesses should take the following steps before March 2017:
- check whether they operate equipment that handles the £1 coin
- contact their equipment supplier to find out if they need to make any adaptations or upgrades
- make the necessary changes to their coin handling equipment
- train their staff on the features of the new £1 coin
- make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.
Around £1.3 billion worth of coins are stored in savings jars across the country, and the current £1 coin accounts for almost a third of these. If you have any round one pound coins, you need to spend them or return them to your bank before 15 October 2017 when they lose their legal tender status.