26-Jul-2017
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Britons have just 100 days left to spend their round pounds

LONDON July 10: Britons have just 100 days left to spend their round pounds before they are removed from circulation - with officials revealing that one in three people still have them.
 
People are being urged to dig out the currency from wallets, piggy banks and crevices in sofas before they lose their legal tender status on October 15.
 
They can spend, bank or donate them to charity with 800million of the old version already returned.
 
The new 12-sided pound coin, the shape of which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters.
 
By mid-July, there will be more new coins in circulation than old, the Treasury said. One pound coins were first launched on April 21 1983 to replace £1 notes.
 
The Royal Mint has produced more than two billion round pound coins since that time.
 
The production of the new coins follows concerns about round pounds being vulnerable to sophisticated counterfeiters.
 
Around one in every 30 £1 coins in people's change in recent years has been fake. The Treasury said research suggests one in three people still have old pound coins stashed away.
 
But sharp-eyed collectors have spotted slight flaws in some of the new coins and have been trying to sell them online for up to 5,000 times their face value. 
 
Several people have found slightly imperfect versions which its maker Royal Mint blames on the speedy production process.
 
It said in a statement: 'As you would expect, we have tight quality controls in place, however variances will always occur in a small number of coins, particularly in the striking process, due to the high volumes and speed of production.'
 
Some of the faulty versions are being auctioned online on sites like eBay for as much as £5,000.