Round £1 coin ceases to be legal tender next month
Posted in Licensing | September 27, 2017 | by Dadds LLP Solicitors
Midnight on Sunday 15 October is the time and date when old £1 coins will no longer be legal tender and businesses are being encouraged to advise staff of the change.
The round coins have been replaced with new 12-sided coins, which have been in circulation since March.
After the deadline, pubs will not be allowed to distribute the old style coins and will be under no obligation to accept it. Businesses have been advised to bank all their £1 coins by the deadline, however most high street banks and building societies will still trade them after October 16.
The new £1 coin was introduced to help prevent counterfeit coins in circulation. Currently, one in every 30 £1 coins is estimated to be a counterfeit.
Royal Mint chief executive Adam Lawrence said the new coin is the "most innovative and secure coin" the monetary body has ever produced. "It's been designed to be fit for the future, using security features that aim to safeguard our currency, and currencies around the world, for years to come.
"Staying ahead of sophisticated counterfeiters remains a constant challenge and this coin helps in that battle."
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