The accountancy industry encouraged to prepare for the end of the round pound legal tender as the deadline approaches
There will be more new 12-sided pound coins in circulation than round pounds by the end of July, the Royal Mint has confirmed. Some businesses have waited for this changeover period before upgrading their machines. However, now the time has come. Accountancy firms across the country are being urged to check equipment and communicate with their customers about the change as the October 15 deadline approaches.
Following this announcement, businesses across the UK are being encouraged to:
- upgrade any remaining equipment to accept the 12-sided £1 coin; if their equipment continues to accept round pounds then they may be at risk of being targeted with counterfeit coins;
- bank round and 12-sided pound coins in separate bags;
- bank their round pound coins first, when possible; and
- encourage their customers to spend their round pounds first before the October deadline.
On a visit to the Royal Mint’s headquarters, Exchequer Secretary to the Treasury urged the accountancy industry to get ready for when the old coin leaves circulation on 15 October.
Exchequer Secretary to the Treasury, Andrew Jones MP, said:
“We are now reaching the point where there are more new 12-sided pound coins in circulation than round pounds.
“With less than 100 days before the old round pound ceases to be legal tender, the clock is ticking. We are urging businesses who are yet to do so, to update their systems and inform their customers ahead of the October 15 deadline.”
CEO and Deputy Master of The Royal Mint, Adam Lawrence, said:
“The Royal Mint is very proud to have delivered the new 12-sided one pound coin and ensuring a smooth transition is now our top priority. We hope our announcement about the changeover point in July will encourage those accounting businesses who have not yet upgraded their equipment to do so ahead of the October 15th deadline.”