Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what the reasons are for there being between 400 and 450 million old, round pound coins still in circulation.

The process of repatriation of the old £1 coins is still ongoing. Coins are being returned to banks by individuals and businesses every day. We encourage those that still have round £1 coins to now bank or donate them to charity.

In all recoinages, a proportion of coin is not returned. We expect that the proportion of round £1 coins removed from circulation to be in line with previous withdrawals of high denomination coins, such as the recoinage of the 50p, which took place between 1997 and 1998.