The new £1 coin enters circulation on March 28th, but what will happen to the old one?
The new pound coin that is being introduced has been labelled “the most secure coin in the world” and has been created as an anti-counterfeit measure. It has been estimated that 3% of all pound coins in circulation are counterfeit, but it is hoped that new features included on the new coin will prevent this. Features which will help prevent forgery include...
12-sides, making it instantly recognisable by touch
Made from two different types of metals, much like the 2 pound coin
Hologram-like image engraved in the coin
Micro-lettering on the lower inside rim of both sides of the coin
Ridged edges on alternate sides of the coin
A hidden security feature built into the coin to protect it from counterfeiting
More on the new pound coin’s security features can be found on the new pound coin website.
Important Dates For The Pound Coin
You will be able to use both the old and new coins in shops from March 28th, however the old coin will be phased out with the cut off date being October 15th. After this date, you will no longer be able to spend the old pound coin. If you do have old pound coins remaining after this date, you can continue to deposit them in most high street banks, or exchange them for new ones at banks or post offices. The official line, as listed on the new pound coin website is:
“Following the ending of legal tender status, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most High Street Banks including RBS, NatWest, Ulster, HSBC, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Halifax, Bank of Scotland and The Post Office.
It may be possible to exchange £1 coins at these banks and the Post Office provided you hold an account with them. Specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly”.
If you own a business and are unsure about your obligations when accepting pound coins, you can read more on the new pound coin website. The BBC also has more information for consumers about the upcoming changes to the pound coin and how it will affect you.