Local MP urges Basingstoke residents to “spend, deposit or donate old round £1 coins by 15 October.

On 28 March the government introduced a new highly secure, 12-sided coin to reduce the costs of counterfeits to business and the taxpayer. The round £1 coin is being replaced after 30 years in use because of its vulnerability to counterfeiters, approximately one in thirty £1 coins in circulation are counterfeit.

HM Treasury are now entering the final phase of the transition with less than 50 days to go before the round £1 coin ceases to be legal tender. From midnight on Sunday 15 October shops and businesses will not be accepting round £1 coin from customers and should not give them out as change.

Maria said “As we say goodbye to the round pound, I want to make sure that Basingstoke resident are aware of the change and to spend, deposit or donate all their remaining old round £1 coins by 15 October.

I also want reassure constituents that round £1 coins after 1 October will not become worthless and can be deposited into customer’s bank account at most high street banks and the Post Office.”

Arrangements may vary from bank to bank and customers should contact their bank directly if they have any concerns. Further information about the transition can be found at www.thenewpoundcoin.com