Economy

Quick, you've got to spend £400m by next Sunday! Just one week is left until the old round £1 coins are phased out

Quick, you've got to spend £400m by next Sunday! Just one week is left until the old round £1 coins are phased out”

The old "round pound" has been replaced with the shiny 12-sided coin, which was released into circulation on 28 March 2017.

Next Sunday the old pounds cease to be legal tender.

As the old coins, left, vanish, the most sobering statistic is how their value has melted with time.

If you don't wish to spend, bank or exchange your pounds then you could use the opportunity to donate the old money to a cause of your choosing.

Thousands of vending machines, train ticket machines, shopping trolleys and thousands of parking meters are in the process of being switched over.

The exchequer secretary to the Treasury warned in August that half of the coins being returned were the wrong one.

The new pound coin has also been hailed as the most secure in the world, on their website, The Royal Mint said: "Its distinctive shape makes it instantly recognisable, even by touch".

Instead, people will be expected to have moved across to the snazzy new 12-sided £1 coin, which is bimetallic, created to crack down on forgeries.

"We also want cashiers and shopkeepers working at till points, who are truly on the front line of the changeover, to ensure only new pound coins are given to shoppers in their change".

Thousands of new £1 coins are said to carry major production flaws in a huge embarrassment for the Royal Mint.

Hundreds of new £1 coins have been listed on eBay with sellers claiming they too are rare.

It is worth noting if you're a procrastinator, October 15 is a Sunday and banks and shops will close earlier, if they open at all, effectively bringing the deadline forward.



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