Retailers say bye to old 'round pound' coin as billionth new £1 is made

People are being urged to dig out the old-style coins from wallets, piggy banks and the back of the sofa and spend, bank or donate them before October 15 – when they cease to be legal tender.

Their 12-sided replacement, similar to the old threepenny bit, entered circulation in March and boasts high-tech security features. They were introduced to combat counterfeiting. 

About one in every 30 round pounds in people’s pockets in recent years has been fake. Exchequer Secretary to the Treasury Andrew Jones today visited the Royal Mint headquarters in Llantrisant, south Wales, to mark the billion milestone.

He said: “This coin is the most secure of its kind in the world and was brought in to clamp down on the multimillion-pound cost of counterfeits.” 

People have already returned 800 million round pounds to banks.

Royal Mint chief executive and deputy master of the Royal Mint, Adam Lawrence, said: “Many of the old round pounds returned will be melted down to make the new coins so we’re asking everyone across the UK to make sure they check their coin jars and piggy banks for round pounds.”