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The old £1 coin - know the facts

Posted by Social Change on 2017-10-03 00:00

With the introduction of the new £1 coin last March, the old £1 coin will soon be phased out of circulation. From 15th October 2017, businesses will have the right to refuse acceptance of the old £1 coin, but customers will still be able to take their old coins along to most banks, building societies and the Post Office.

The new £1 coin now in circulation offers many additional features to its predecessor, making it one of the most secure coins in the world, helping to reduce the amount of counterfeit opportunities. Figures showed that there were an estimated 45 million counterfeit pound coins of the old design in circulation before the introduction of the new design.

Features of the new £1 coin

  • A new 12 sided design
  • Security features including a hologram image of interchangeable ‘£’ signs and the number ‘1’
  • Micro-lettering and milled edges

For more information on handling old £1 coins, and what your business might need to do to update its systems for accepting the new £1 coin, visit: