Old Round Pound Coin: Deadline Approaches
The old round pound coin goes out of circulation on 16 October 2017
The last day to use old round pound coin is Sunday 15 October 2017. From 16 October 2017 the coin will no longer be legal tender. A new, 12-sided, bi-metallic pound coin was introduced in March 2017. The new design is more secure to combat counterfeiting. For the last six months. Both designs have been in circulation. From Monday onwards, only the new design should be in use.
What does this mean from my business?
From 16 October 2017:
- you no longer have to accept old round pound coins
- you should no longer give out the old round pound coins
- your staff should be trained on what to do
- all your old round pound coins should have been banked, however you can continue to deposit them into a Post Office or most high street banks
- all your coin handling equipment should have been updated, and no longer accept the old coins
What does this mean for my customers?
If you choose to stop accepting old pound coins after demonetisation, you can advise your customers:
- they can still deposit their old coins to a bank or Post Office
- they can donate their old coins to Children in Need
More information
The Royal Mint has developed a website, including downloadable resources for businesses, about the new pound coin.
See the new pound coin: six key facts businesses.
