Calling time on the round £1 coin

By Michelle Perrett

- Last updated on GMT

Farewell to the old: only the new-style £1 will be accepted after 15 October
Farewell to the old: only the new-style £1 will be accepted after 15 October

Related tags: Currency

Licensees need to be aware that the old, round £1 coin will no longer be legal tender from Monday, 16 October.

The legal status of the round £1 coin will be withdrawn at midnight on Sunday, 15 October 2017. The round £1 coin is being replaced for the first time in more than 30 years because of its vulnerability to sophisticated counterfeiters. The new coin, which has a number of high-tech features, is being introduced to make it harder for counterfeiters to copy. 

According to the Royal Mint more than one in 30 round £1 coins in circulation is a counterfeit.

Pubs will be under no obligation to accept the round £1 coin from customers from that date and should not distribute the round £1 coin.

Businesses have been advised that all their £1 coins should be banked, however, all of the coins should be accepted at most high street banks and the Post Office after this date.

The Royal Mint has asked that all business update staff on what they need to do.

Earlier this year, on 6 May, the paper £5 notes featuring Elizabeth Fry ceased to be legal tender. The new polymer note was issued on 13 September 2016 featuring Winston Churchill.   

On 14 September, the new polymer £10 note was put into circulation, featuring Jane Austin was put into circulation. The £10 paper notes are still legal tender but will go out of circulation in spring 2018.

The polymer £20 note, featuring the artist JMW Turner, will be launched in 2020. 

Related topics: Legislation

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