Billionth new pound coin has been struck at The Royal Mint

The billionth new pound coin has today been ceremonially struck at The Royal Mint in Cardiff by Andrew Jones MP, Exchequer Secretary to the Treasury.

The news comes as The Royal Mint has announced that by the end of July there will be more of the new pound coins in circulation than the old style coins, which entered circulation in 1983. Some 800 million of the old coins have now been returned, before they lose their legal tender status on 15 October 2017.

Less than 100 days left for the round pound

Speaking at the striking of the billionth pound coin, Exchequer Secretary to the Treasury, Andrew Jones MP, said: 'We are here today to mark an important milestone, as the billionth new pound coin is struck. This coin is the most secure of its kind in the world and was brought in to clamp down on the multi million pound cost of counterfeits.

'In less than 100 days, the round pound will lose its legal status. So people need to spend, bank or donate them by 15 October.'

CEO and Deputy Master of The Royal Mint, Adam Lawrence, added: The Royal Mint is very proud to have delivered the new 12-sided one pound coin and ensuring a smooth transition is now our top priority. 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.'

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