The one billionth new £1 coin passed through the Royal Mint’s production line today, as the UK gets ready to bid farewell to the old round pound in favour of a 12-sided replacement designed to deter counterfeiters
The Treasury announced that by mid-July there will be more new coins in circulation than old, and said people have already returned 800 million of the old coins, which entered circulation in 1983.
However, a new poll suggests one in three people still have old pound coins stashed away in savings jars and piggy banks, and will need to exchange them before they lose their legal tender status on 15 October.
Andrew Jones, exchequer secretary to the Treasury, paid a visit to the Royal Mint headquarters in Wales to officially mark the billion coin milestone.
Jones said: ‘In less than 100 days, the round pound will lose its legal status. So people need to spend, bank or donate them by 15 October.’
