The round one pound coins, which have been in circulation since 1983, will no longer be accepted from 16 October 2017.

The old coin has been replaced by a new 12-sided £1 coin which has been in circulation since March this year. From the 16th onwards retailers will no longer be under obligation to accept them from customers and nor should they be distributed to customers as they will no longer be deemed legal tender.

However, most banks and Post Office counters will continue to accept them from this date.

The new coin has been described by the Royal Mint as the “most secure in the world”. The Royal Mint decided to replace the former coin because of its vulnerability to sophisticated counterfeiters, with the 12-sided coin boasting an array of new security features.

For example, the new coin is made of two different metals, the outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy). It also contains an image like a hologram that changes from a £ symbol to a 1 when the coin is viewed from different angles. In addition, a “high security feature” is built into the coin to protect it from counterfeiting.

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