After 15th October, the old round pound coin will no longer be legal tender.
The round £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters. Approximately one in thirty round £1 coins in circulation is a counterfeit.
The Royal Mint introduced a new, highly secure coin on 28 March 2017 to reduce the costs of counterfeits.
From 16th October:
- You are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin. Please update your staff on what they need to do. Please note, this also includes ensuring that any automated machines, such as self service tills, do not give distribute old £1 coins as change.
- All your round £1 coins should have been banked. However, the round £1 coin can continue to be deposited into a customer’s account at most high street banks.
- All your coin handling equipment should be able to accept the new £1 coin. If your equipment continues to accept round £1 coins then you may be at risk of being targeted with counterfeit coins.
Retailers are being encouraged to contact the manufacturer or supplier of coin handling equipment and machines in store to find out if they need adaptations or replacements.
A downloadable leaflet for staff in store is available here: https://www.thenewpoundcoin.com/media/1010/rm-1-leaflet-staff.pdf
