Old £1 Coins Leaving Circulation

By phasing out the old £1 coin across the UK, the Royal Mint says its new coinage will prevent counterfeiting.

Old £1 Coins Leaving Circulation

However, contactless payments already provide an even more secure means of payment.”

The simple fact is also that UK consumers are now moving away from cash. There are currently 111 million contactless cards in the country, with a record £23.23 billion spent in the first half of this year on these cards.

This will only keep on increasing and the UK becomes, in effect, a cashless society in the coming years.