When Does The New £1 Coin Come Out And When Will The Old One ...

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When does the new £1 coin come out and when will the old one pound coins become obsolete?Francesca Gillett29 March 2017 COMMENTS

A new 12-sided £1 coin is to enter circulation later this month as the current “round pound” is phased out.

Within six months the round coin is to become obsolete, replaced by the new design which has been deemed “the most secure coin in the world”.

The Royal Mint is urging people to spend all of their £1 coins before the deadline while businesses are being told to prepare well in advance.

Here is all you need to know about the new £1 coin and how to use up your old ones.

Why is the coin being replaced?

Around one in 30 of the £1 coins currently in circulation in the UK is counterfeit, the Royal Mint estimates.

As counterfeiters have become more sophisticated, the current £1 coin – which has not been replaced since 1983 – has become more vulnerable.

New design: The 12-sided £1 coin will enter circulation on March 28.

To crack down on fake coins, the new coin will be extra secure with a number of features including a “hidden high security feature” built into the coin.

When is the new £1 coin being introduced?

The new 12-sided coin will enter circulation on Tuesday, March 28.

From this date people across the UK can expect to see the new coin appear in shops and businesses.

Phased out: Britain's "round pound" will soon be obsolete. Matt Cardy/Getty Images

For the next six months until October, both the current “round pound” and the new coin will be legal tender in shops and businesses.

This period, called "co-circulation", will mean both coins can be used but the old coins will be gradually withdrawn.

When do I need to get rid of my round £1 coins by?

From October 16 onwards, the round pound will no longer be legal tender.

From now until then, the Royal Mint is advising people to keep spending the old coins as normal.

Anyone with money boxes filled with the old £1 coins are advised to take them to a bank before the deadline.

From October 16, businesses and shopkeepers are under no obligation to accept the old coin and they should not give out the coin as change, but the coin will still be accepted in banks.

What will it look like?

The coin will be “bimetallic”, meaning it is made of two metals. The outer ring is gold coloured and the inside is a silver-coloured alloy.

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What about self-service machines?

Businesses across the UK have already been told to prepare for the new coin.

The Royal Mint said many will have updated their self-service machines to accept the new coin – but “not all machines will work with the new coin from the date of introduction”.

Businesses have been told to prepare for the new coin by March 27, by contacting their equipment supplier, train staff on the new £1 coin and consider any changes to how cash is stored during the co-circulation period.