Chief Secretary to the Treasury David Gauke has announced that the new £1 coin will enter circulation on 28 March 2017.  With three months to go, the Government has launched a campaign to help raise awareness and encourage the public to return the round £1 coins.

It is important that all round £1 coins are returned – either by being spent or directly to the bank – before 15 October 2017 when they lose their legal tender status.

It is essential that retailers are prepared for the introduction of the new £1 coin, as the transition is likely to affect a number of areas of their business, especially if they have coin operated machines such as self-service. Retailers are encouraged to make use of the guidance provided by the Royal Mint and to speak to their suppliers of coin operated machines as soon as possible to make the transition as smooth as possible for consumers.