Pinches round English pound coins (7)
I believe the answer is:
nickels
'coins' is the definition.
(nickel is a kind of coin)
'pinches round english pound' is the wordplay.
'pinches' becomes 'nicks' (I've seen this before).
'round' is an insertion indicator.
'english' becomes 'e' (abbreviation).
'pound' becomes 'L' (the pound sign is based on an L).
'e'+'l'='el'
'nicks' enclosing 'el' is 'NICKELS'.
(Other definitions for nickels that I've seen before include "Five-cent coins" , "American coins" , "Change in US" .)