Get Ready For The Pound Coin Switch-Over

by Richard Mathews



Published on 6th October 2017

In less than three months, the old round one pound coins lose their legal tender status and the new 12-sided version takes over.

The Royal Mint and HM Treasury say after the October 15 deadline, any firms with equipment that still accepts round coins may be at risk of encountering counterfeit coins.

So the message is, if you’ve still to make a switch, take action sooner rather than later.

The 12-sided coin came into circulation on March 28, in response to the increasing prevalence of counterfeit round pound coins. According to the Royal Mint approximately one in 20 round pounds in circulation is counterfeit.

To prepare for the changeover firms are being advised to separate the two different pound coins into bags, and to bank their round pounds first.

Firms should encourage customers to spend their round pounds before midnight on October 15, when the round pounds officially lose their legal tender. However, the round pounds may still be deposited into customers’ accounts at most high street banks after October 15.

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, added: “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.”

So, out with the old and in with the new! And coming soon, the new polymer £10 note.

To chat about your accountancy needs, please get in touch with the team at Regulatory Accounting.

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