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Deadline looms for UK’s old coin

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This file photo shows an old issue £1 (one pound) coin (right) pictured alongside the newer 12-sided £1 (one pound) coin. AFP

LONDON (AFP) – Britain’s old one-pound coin is being phased out completely on Sunday but businesses complain they have been given too little time to switch to the new one and many are planning to defy the deadline.

About 1.2 billion old round coins have been withdrawn from circulation, but about 500 million are remaining with less than a week to go.

“The changeover period has been fairly short,” said Mike Cherry, National Chairman of the Federation of Small Businesses.

“It would help if small firms knew they were allowed a short transition period to collect the old coins if they wish to, and are willing to bank them.”

Poundland, a chain of shops where almost all items cost £1, extended the period during which its customers would still be able to pay with the old coin until October 31.

The country’s main banks, Barclays, Natwest, Lloyds and Santander and the Post Office have also announced that they will continue to accept the round coin after October 15.

The Royal Mint, the official agency that makes the British currency, created the new coin in an attempt to combat fraud, with three percent of the old coins – or £45 million – deemed to be counterfeit.

The outgoing round coin, of which two billion were minted, first appeared in 1983 in an attempt to cut costs by replacing the one-pound note.

The new coin, of which 1.5 billion copies have been made, is “the safest in the world”, said Kevin Clancy, director of the Royal Mint Museum.

Security features on the new coin include 12 sides, a bi-metallic composition, a holograph and tiny lettering called “microtext” around part of the design.

Two different coloured metal alloys, based on nickel and copper, also make it easier to distinguish between fakes and genuine coins.

The new piece, at 2.8 millimetres thick, will be thinner than its 3.15 mm predecessor, but will remain the thickest British coin in circulation.

“The idea of having a thicker coin, back in 1983, when the round one pound coin was introduced, was to give it a sense of value,” said Mr Clancy.

“With the new one pound coin, we continued with that approach.”

The coin will also have a new design on its “tail” side, created by 15-year-old David Pearce, who won a competition origanised by the Treasury.

His drawing depicts a rose, a leek, a thistle and a clover – the symbols of the four nations of the United Kingdom – surrounded by a royal crown.

On the opposite side is a new portrait of Elizabeth II, the fifth to decorate a British coin.

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