The Royal Mint in the UK has revised its forecast of the date when the old £1 coins in circulation will be overtaken by the new 12-sided coin.

£1 coin transition moves forward

 It was originally August but the mint has now suggested that the new coin will overtake the old one by late July.

This is because businesses are returning for exchange the old coins at a faster rate than expected. The mint has released the information because many businesses, including the gaming machine industry, will need to speed up the conversion rate.

Eight hundred million old round £1 coins have now been returned and will now be reused to make the new coins or will be disposed of.