The Royal Mint rolls out its billionth new £1 coin as the clock starts ticking on the 'round pound'

 
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By mid-July there will be more new coins in circulation than old. (Source: Getty)

It may not seem long since we started using them, but the billionth new £1 coin has already passed through the Royal Mint’s production line.

The 12-sided coin, which entered circulation in March, is said to be the most secure of its kind in the world - and was created to combat counterfeiting.

With a billion of the new £1 coins now out in the world, by mid-July there will be more of the new coins in circulation than the ‘round pounds’.

Slowly but surely, the old coins are disappearing: around 800 million have already been returned to the Royal Mint.

And, if you’ve still got any round pound coins hanging around, you've now got under 100 days to get rid of them.

“Many of the old round pounds returned will be melted down to make the new coins so we’re asking everyone across the UK to make sure they check their coin jars and piggy banks for round pounds,” said Adam Lawrence, CEO and deputy master of the Royal Mint.

The public are being urged to spend, bank or donate their coins by 15 October, before they lose their legal tender status.

Read more: Why the Bank of England's new £1 coin could be the last one ever made

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