By the end of July there will be more 12-sided pound coins in circulation than round, as confirmed by the Royal Mint.

Accountancy firms are being urged to check equipment and communicate with their clients about the change as the 15 October deadline is less than 100 days away and many businesses have put off upgrading their machines until now.

Businesses have been advised to upgrade any remaining equipment to accept the 12-sided £1 coin as if their equipment continues to accept round pounds then they may be at risk of being targeted with counterfeit coins; bank round and 12-sided pound coins in separate bags; bank their round pound coins first, when possible; and encourage their customers to spend their round pounds first before the October deadline.

Exchequer Secretary to the Treasury, Andrew Jones MP, said: ‘We are now reaching the point where there are more new 12-sided pound coins in circulation than round pounds.

With less than 100 days before the old round pound ceases to be legal tender, the clock is ticking. We are urging businesses who are yet to do so, to update their systems and inform their customers ahead of the October 15 deadline.’

CEO and deputy master of The Royal Mint, Adam Lawrence, said: ‘The Royal Mint is very proud to have delivered the new 12-sided one pound coin and ensuring a smooth transition is now our top priority. We hope our announcement about the changeover point in July will encourage those accounting businesses who have not yet upgraded their equipment to do so ahead of the October 15 deadline.’