The new 12-sided £1 coin will enter dissemination on 28 March and the old-style coin will be dead by mid-October, the Treasury has declared.
The legislature is propelling a crusade to urge the general population to give back the round coins. The Treasury assesses that £1.3bn of coins are being put away in reserve funds containers, with £1 coins representing very nearly 33% of these. They should be traded before 15 October when they will stop to be legitimate delicate.
The main new £1 coin since 1983 is an endeavor to end duplicating. It is evaluated that 3% of the present coins available for use are fake. The new coin will be the most secure on the planet, it is guaranteed, with a few security highlights, including a 3D image.
David Gauke, the main secretary to the Treasury, said: “28 March ought to be a vital date in everyone’s logbook – as we will have another quid on the piece. Our message is clear: on the off chance that you have a round £1 coin you have to spend it or return it to your bank before 15 October.”
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Around 40% of distributing and other money getting machines should be updated. The British Parking Association says every meter change will cost £90-£130 for the most straightforward programming overhaul and extensively more on the off chance that they are to issue change. The Royal Mint has put the cost of changing all the UK’s machines at £15m-£20m, albeit numerous specialists trust this is idealistic.
Helen Dickinson, CEO of the British Retail Consortium, said she trusted organizations would be prepared. “While there will be a characteristic move period where some distributing frameworks may just have the capacity to acknowledge the current coin, our industry is focused on guaranteeing we’re completely arranged in front of the dispatch.”
The Royal Mint has delivered more than 2.2bn round £1 coins since 1983, when it supplanted the note. This was pulled back in March 1988, however is still redeemable at the Bank of England.
The Royal Mint will make more than 1.5bn of the new coins, whose outline depends on the threepenny piece, which left dissemination in 1971.