It’s time to check down the back of the sofa and piggy banks as Britons have just three weeks left to spend the old £1 coins.
Shoppers have been reminded by the Royal Mint that the deadline for using the round pounds is October 15, before they are replaced forever by a 12-sided coin.
Punters can spend, bank or donate their old £1 coins to charity – with around £500million-worth believed to be still in people’s possession.
The new 12-sided pound coin, the shape of which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters.
Punters can spend, bank or donate their old £1 coins to charity – with around £500million-worth believed to be still in people’s possession
The new 12-sided pound coin, the shape of which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters
By mid-July there were more new coins in circulation than old, the Treasury said.
Adam Lawrence, Royal Mint chief executive, said the new coin is the ‘most innovative and secure coin’ it has ever created.
He told the Daily Star: ‘We would encourage you to spend, bank or donate your round £1 coins before October 15.
‘We have urged businesses and their frontline staff to, where possible, prioritise the new coin when giving customers their change.
‘Customers are entitled to ask for their change in any way they wish, but until October 15, businesses can continue to give out the old coin.’
People who have rare old £1 coins including Edinburgh City 2011 and the 2011 Cardiff City £1 have sold them on eBay for £35.
One pound coins were first launched on April 21 1983 to replace £1 notes.
The Royal Mint has produced more than two billion round pound coins since that time.
Self-service checkouts, ticket machines, lockers, vending machines and shopping trolleys are all being upgraded so they can accept the new 12-sided £1 coins.
Shoppers have been reminded by the Royal Mint that the deadline for using the round pounds is October 15, before they are replaced forever by a 12-sided coin
It boasts a gold-coloured outer ring and a silver-coloured ring along with high-tech features including a hologram.
The production of the new coins follows concerns about round pounds being vulnerable to sophisticated counterfeiters.
Around one in every 30 £1 coins in people’s change in recent years has been fake.