Published On: Mon, Oct 9th, 2017

Old pound coin: What to do if you have an old £1 coin?

From October 16, the round one pound coin will cease to be legal tender. 

The new 12-sided one pound coins were released at the end of March and since then both old and new ones have been accepted. 

But there are an estimated 500 million still in circulation which could go to waste as of the deadline of midnight on Sunday. 

People are bring urged to trade in their old coins at a bank, building society or Post Office before they become redundant this weekend. 

While the old one pound coins have been slowly diminishing, those with a few left may want to keep a couple handy. 

Both Sainsbury’s and Tesco have admitted they are yet to upgrade trolleys at some of their smaller branches. 

The chains told the Daily Mirror that customers who get rid of all their old one pound coins may struggle unlocking trolleys at their Local and Express stores. 

So customers who use these stores may want to keep a couple handy in case their trolleys still cannot take the new coins. 

After the deadline round one pound coins will be returned to The Royal Mint and some of them will be reused to make the new coin. 

If you still have round pound coins left after October 16, you will still be able to deposit them in your bank. 

Some banks may impose limits on how many of the old coins they will accept after October 16, but this should not affect ordinary domestic customers. 

But the Treasury is encouraging people to spend their old coins by the end of October 15, just to be sure. 

The new 12-sided one pound coin became legal tender on March 28 this year. 

The new coin has a number of features that make it much more difficult to counterfeit. 

It has a distinctive shape making it instantly recognisable, even by touch, it is made of two metals, has a latent image, micro-lettering and a hidden high security feature. 

Are there any rare old pound coins and are they worth anything? 

Source link


Most Popular Posts