Published: 18/09/2017 15:01 - Updated: 18/09/2017 15:06

Round pound set to disappear

 

Douglas Ross with the old £1 coin.
Douglas Ross with the old £1 coin.
THE round pound will be no more in less than a month.

 

Moray MP Douglas Ross is reminding constituents that the traditional £1 coin will cease to be accepted by shops and businesses at midnight on Sunday, October 15.

UK Treasury Minister Andrew Jones has urged MPs to highlight the issue locally.

Mr Ross said: "Although the old coins will not be accepted by businesses after October 15 they will not become worthless. It should be possible to deposit coins in your bank or Post Office account, either business or personal, after that date. However, arrangements may vary from bank to bank so it’s worth checking.

"The new 12-sided coin is much harder to fake than the old coin and was introduced to combat counterfeiting and reduce the costs to businesses and the taxpayer. Apparently one-in-thirty of the old round coins is thought to be a forgery so the new coin should provide a considerable saving to everyone except for the criminals."

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