29/09/2017
Time to ‘spend, bank or donate’ your round pounds (UK)
Counterfeiters are estimated to have ‘minted’ 1 in 30 of the round pound coins currently in circulation so expect them to be among the main mourners on 16 October, when round pound coins cease to be legal tender.
After more than 30 years in circulation, they are being replaced by the 12-sided coin that is claimed to be ‘the most secure in the world’.
‘Have you met the new pound coin?’ (CPA News, 28 March 2017) introduced the new coin at the beginning of a near 5-month ‘co-distribution’ period with the round version. It also gave advance information of the implications for business.
To re-iterate, from 16 October
- Businesses are not obliged to accept round pound coins and staff need to be aware that neither they nor self-service tills should hand them out as change.
- While all coin handling machines should obviously accept the new coin, if they continue to accept the round pound coins as well, they could be targeted by anyone left with counterfeit coins in their pockets or purses.
- Most High Street banks and post offices will continue to accept round pound coins but this should be regarded as a temporary option and all round pounds should be rounded up and cashed in as soon as possible.
‘The new £1 coin’ and ‘How will it affect my business’ provide further background information and advice from the Royal Mint, which has a simple message for consumers – ‘spend, bank or donate your round £1 coins by October 15’. And do check sofas and car glove compartments, there’s bound to be an old ‘roundie’ somewhere!