Old £1 coin out of circulation in less than a week with 'more than £500m' still in use

Traditional 'round' pound coins cease to be legal tender at midnight on Sunday
Deadline looming: The old round £1 coins expire on October 16
PA Wire/PA Images
Patrick Grafton-Green9 October 2017

Time is running out to spend your old round £1 coins – with just one week left until they become worthless on the high street.

An estimated 500 million of the coins are reportedly still in circulation and could go to waste ahead of the deadline of midnight on Sunday.

The coins will no longer be accepted in shops, restaurants and other retailers.

The new 12-sided £1 coins were released at the end of March and a period of “co-circulation” - during which both the old and new ones are accepted - is drawing to a close

The new 12-sided £1 coins
Ben Birchall/PA

The Treasury and Royal Mint are calling on people to hunt down any remaining coins and spend, bank or donate them to charity.

The Exchequer Secretary to the Treasury, Andrew Jones, MP, said that 1.2 billion round £1 coins have been returned by the British public so far.

He said: “The hard work of the British public has paid off and I am delighted that more than 1.2 billion round pound coins have been returned.

"Added together, these coins match the weight of around 3,500 elephants or 900 double decker buses. That is a lot of coins.

“There is still time to get involved and with just a week to go, I would encourage anyone who is yet to do so to dig out their remaining coins before Sunday.”

Dame Barbara Windsor called on people to hand in their old round pound coins

CEO and Deputy Master of The Royal Mint, Adam Lawrence, added: “The round pound has been in circulation for over thirty years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them.

“After the October 15, the 12-sided £1 coin will be the only £1 coin being spent in the UK.

"As the deadline is triggered, we are proud that the security features on the 12-sided £1 coin will help to safeguard our currency for years to come.”

Vending machines, shopping trolleys, lockers, self-service checkouts and ticket machines should already upgraded so that they accept the new 12-sided £1 coins.

The new £1 coin, which has a gold-coloured outer ring and a silver-coloured inner ring, has been described as the most secure in the world and boasts high-tech features including a hologram.

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