New £1 coin enters circulation

3 April 2017 - Janet Bird

new one pound coin

The new £1 coin entered circulation last week in the first phase of a roll out that will take six months.

The 12-sided coin, which has been introduced in a bid to defeat counterfeiters, marks the first change in appearance for the £1 coin in over 30 years.

A total of 1.5 billion of the new coins will enter circulation in the coming months.

There will be a period of 'co-circulation' before the old £1 coins are eventually phased out in the Autumn. At that point, retailers will cease to accept the old coins, although they will still be able to be handed in at banks and post offices.

Retailers have been advised to train staff and alter equipment to accept both the new and old coins during the six months transitional period.

Treasury commercial secretary Baroness Neville-Roffe said the introduction of the new coins marked "a giant step forward" in stamping out counterfeit currency. She urged people to make sure they spend, return or donate their old £1 coins before October 15, at which stage they will cease to be legal tender.

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