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Deadline to spend old £1coins has been set!
There are less than 100 days to cash in on your old £1 coins. This can be done by spending, banking and donating the 30+ year old coin.
The new Pound coin was brought into circulation due to the high numbers of counterfeit coins.
Roughly 45 million of the old £1 coins in circulation are counterfeit, showing a significant vulnerability to counterfeiters.
As things stand however, there are currently more new coins in circulation than old, which is why the public and businesses alike are being urged to cash in their old £1 coins and update their systems before they cease to be legal tender.
The date that the old coins cease to be valid is currently set as the 15th of October.
The new coin comes with a range of countermeasures to ward off counterfeiters.
The 12 sided coin includes a hologram image which shows either a ‘£’ or a ‘1’ depending on which angle you are viewing it from.
As well as the holographic image, there are a range of further measures set up, to put off would be counterfeiters.
Micro lettering, milled edges and a composite of two metals used to create the coins should in theory be enough to protect it from fakery.
Above all this however, the new coin also features a hidden security measure to prevent it from counterfeiting in the future.
This ‘hidden’ feature is believed to be a code placed on the Queen’s face that is invisible to the naked eye.
Time to get out there and spend those coins.
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