David Gauke, the Chief Secretary to the Treasury, has launched the countdown to the release of the new £1 coin. The official launch of the coin will be on 28 March 2017 and the old round £1 will need to be used or returned to banks by 15 October 2017.
The old £1 coin was first introduced in 1983 and replaced the £1 note which had previously been in circulation. Since then nearly 2.2 billion of the coins have been produced and there will be 1.5 billion of the new coins minted by the Royal Mint.
David Gauke said:
“March 28 should be an important date in everybody’s calendar this year – as we will have a new quid on the block. This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before.
Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before 15 October”.