There is just 100 days left before the old styled UK one Pound coins are no longer legal tender, and as such if you do live in the UK then it is time of you to hunt around your house, empty your piggy boxes and make sure you have spent those Pounds coins or you won’t be able to get rid of them in retail outlets for much longer!
It is on the 17th of October 2017 that those coins will be deemed to no longer be legal tender, and to be fair they have been a solid and reliable coin for many years now, however one of the main problems with their design is that it was very easy for counterfeiters to reproduce them, and that is something that was done in very large numbers!
Around 9million people still have those old round Pound coins somewhere in their home and as such there are £1m’s of them still in circulation! The Royal Mint who produce currency of the realm in the UK have been mass producing the brand new 12 sided Pound coins that are going to replace them, and they have just announced they have produced their one billionth new Pound coin!
As of mid July 2017 there will be more of those new coins in circulation than there are old coins, and to date around 800 million of those coins have been removed from circulation, which is around half of the total of them that have been produced over the years, so there is still a huge number of those old coins still out there which do need to be cashed in quickly!
It was way back in the year 1983 that the Pound coin replaced the old Pound note in the UK, and there has been something of a mad scramble for some companies to take steps to ensure they are fully equipped to take those new coins.
Companies that operate all manner of different coin operated equipment have had to update and upgrade the coin mechanisms on their equipment so that they can accept those new coins which has been a massive expense for those companies, but one they have had to pay.
Over the years the number of counterfeited Pound coins has grown to some alarming levels, and it has been suggested that at some point in the last few years everyone will have had a forged Pound coin given to them in their change.
As such it is hoped that the market in counterfeit Pound coins will no longer exist with the introduction of these brand new 12 sided Pound coins, which experts say are some to the most difficult if not impossible coins to copy, however that does of course remain to be seen, for counterfeiters are always one step ahead!, and it will probably only be a matter of time before copies of those new Pound coins start to flood the market!