Old-pound-coin

Your old £1 coins need to be spent by this date

The old £1 coins will stop being legal tender on 15 October

Chloe Best

If you've still got some old one pound coins lying around, you don't have long left to spend them! The coins will cease to be legal tender on 15 October 2017, following the introduction of the new 12-sided £1 coin earlier this year.

Retailers will not be able to accept the coins after this date, but many banks and building societies will let customers deposit their change after the deadline has passed. However some will only accept the coins in bags of 20, so you may be better off trying to use your coins in the next two weeks.

The new £1 coin was introduced in March 2017

The new 12-sided £1 coin was introduced in March in a bid to prevent counterfeiting. The Royal Mint reported that one in every 30 of the old pound coins was a counterfeit, however its replacement has been hailed "the most secure coin in the world". It contains a hidden high-security feature built into it, while its distinctive shape also makes it instantly recognisable.

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Royal Mint chief executive Adam Lawrence said of the new coin: "It's been designed to be fit for the feature, 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."

Old £1 coins need to be spent by 15 October

As well as the new pound coins, both five pound and ten pound notes have been updated to have increased security features. The old £5 note ceased to become legal tender on 5 May after being replaced by a new polymer version that features a portrait of Sir Winston Churchill.

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Meanwhile the new £10 note, which features a portrait of Jane Austen, launched in September. The notes are expected to last around five years and have a tactile feature developed with the help of the Royal Society of the Blind in order to help blind and partially-sighted people. The paper £10 notes will be gradually phased out and eventually withdrawn in spring 2018.

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