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Cash in your round pound coins before it’s too late

Article posted: 9th October 2017

The round pound coin loses its legal tender status from midnight on Sunday, 15 October and will no longer be accepted in shops and restaurants. The new 12-sided pound coin will become the only legal £1 tender from 16 October.

With HM Treasury and The Royal Mint encouraging the public to spend the coins ahead of the deadline, retail businesses and companies that rely on cash payments are expected to be flooded with the ‘old’ coins this week. McBrides is reminding clients that they can either bank the coins or donate them to charity after Sunday.

First introduced in 1983, the old coin has become vulnerable to sophisticated counterfeiters, with as many as one in thirty thought to be a fake. So far, 1.2bn round pound coins have been returned in the past six months.

McBrides is encouraging any businesses that would like to donate round pounds to charity, to consider donating to its charity of the year, Greenwich & Bexley Community Hospice.

Back in 1985, the Hospice was founded on the back of the round coins through its original ‘Give Us A Quid’ campaign. The slogan began with the Hospice’s co-founder Don Sturrock’s estimate that if half a million people living in Greenwich and Bexley boroughs each donated £1, it would be enough to set up the Hospice.

For further details about how you can help, please visit: https://www.communityhospice.org.uk/give-us-a-quid/.

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