'Round Pound Coins' To Cease As Legal Tender To Make Way For The New £1 Coin

Use Your Pound Coins Before October!
4 January 2017

If you have oodles of £1 coins saved up then you had best get them to the bank. From 15th October 2017 those round shaped pound coins will cease as legal tender. This is to make way for the new two tone 12-sided coin, which will be released into circulation on 28th March 2017.

You don't have to frantically smash your piggy bank open and spend your savings now. There's just over ten months to get those coins changed or deposited into your bank account. It's worth marking it in your diaries though, as it could be costly to forget this changeover.

Why are they changing the £1 coin? The new 12-sided silver and gold coloured coin is said to be one of the 'most secure coins in the world'. The current £1 round coin is often copied and it's thought that as many as 'one in thirty' are counterfeit.

What will happen with all those round £1 coins that will be taken out of circulation? They will be melted down and reused to make the new £1 coin, which was announced in the 2014 Budget.

How different will the new coin be to the old? As already stated the new coin will have 12 sides and will be made up of two metals - a golden outer ring and silver in the middle. The '£' image changes to the number '1' when the coin is seen from different angles. Rather fancier than the current coin. It will also be thinner, lighter, with a larger diameter, than it's round predecessor.

What will happen with machines, trolleys and so on? There will be a transition period where vending machines, supermarket trolleys and so on will only be able to accept the 'old' £1 coin.

Although the official advice from the Treasury is to get those £1 coins changed before 15th October 2017, you own bank will be able to accept some for you after that date, though there may be limits in place. You are advised to contact your own bank to see what their provisions will be. More information can be found here.

TOPICS:   News and Recalls

108 comments

  • Patricia M.

    Will the shopping trolley coin change too

    • Fiona P.

      In the article it says that trolleys will only use the old £1 wgich is the £1 we are using atm. But i would get some trolley tokens instead.

  • Anna M.

    best empty the baby pot!

  • Sam B.

    better empty that piggy bank!

  • Carol B.

    I have a terramundi ... I dont want to smash it till its full!!

    • Melissa N.

      Just what I said to my husband, my wee boy has one and we were saving it until he's older :weary:

    • Carol B.

      My last one had nearly £600 in it ... amazing what you can save in an ornament!!

    • Shona P.

      You can use tweezers/ skewer/ metal nail file etc to empty a teramundi ( might chip paint slightly round slot tho) x

    • Emma L.

      Your bank will allow you to pay in old coins for years after, just shops your can't spend in.

    • Carol B.

      It doesnt work when over half ful because of the angles on the sides ... tried that one before ..

  • Tina H.

    That's a lot of machines that will need changing too.... Kids ride ons, gambling machines, trollies...

    • Christina W.

      Apparently they'll still fit trolleys

  • Gillian W.

    I know will need to smash kids banks :cry::cry: xxx

  • Chris D.

    Not something else to save lol.x

  • Tracey B.

    I know my dad was telling me bout the new ones comin out x

  • Chris V.

    Need to fill that bank soon :joy:

  • Lisa S.

    Depending on the money box I have one that your meant to smash but if you use a knife you can empty the money out without having to smash so can use again and again

  • Kerry B.

    Ha ! I'll make sure that royal mint don't rip me off !!! On it !

  • Hannah W.

    Better had!! :moneybag::moneybag::moneybag:

  • Fiona P.

    Youve all got until Oct til you have to change them. So you still got awhile to save up

  • Donna W.

    The bank will always change them for you. They still take pound notes and exchange them!!

    • Holly G.

      Most banks will exchange old notes but not old coins x

    • Donna W.

      Holly Gladwin I worked in a bank for 15 years until very recently and they will exchange them but they are only allowed to send them back via bullion to the bank of England twice a year so they don't like to as it takes up room in the safe.

  • Lisa C.

    lol I know xxxx everyone will be emptying piggy banks xx

  • Jade P.

    We'll have to smash our wedding jar nearer the time :sweat: we've been putting pound coins in it so annoying xx

  • Colleen R.

    Nooooo! You can get them out with a knife but it depends how many you have it would take ages. Also, you don't have to smash it, there's a way to do it so that the top comes off like a lid. People use them for plant pots etc xxx

  • Sarah L.

    Mum was saying yesterday! What ashame. Just get them transferred to the new coins x

  • Michelle B.

    yeh I'll have to check the kids boxes nearer time xx

  • Steven K.

    Nah see it when it happens

  • Hannah W.

    Well I've saved for other stuff

  • Jade P.

    i know just annoying cause I don't wanna have to smash it but there's no other way round it :sweat: xx

  • Samantha K.

    It's true, they were talking bout it 2day at Wk

  • Trevor W.

    You'll still be able to pay the existing £1 coins into your bank account after Oct 2017. Trevor Williams - Financial Adviser

    • Gemma P.

      I was going to ask that. Iv had so many people giving conflicting information about the fact that banks won't accept the old coins :expressionless: some people say they will accept them. And some people- like this article says banks won't accept them. Xxx

    • Rebecca W.

      Gemma Louise Parker they even accept 10 shilling notes!

    • Meshel W.

      Well they don't accept old 50p! Lol

    • Jean H.

      So no worries about all this thanks

  • Steven K.

    Oh well we will need to empty the pots some how ?

  • Cheryl D.

    O no :see_no_evil: I will have to smash mine:cry:

  • Stacey L.

    Still so shocked at this :joy::joy:

  • Trevor W.

    It's essential as the existing version is too easy to forge.

  • Sarah L.

    I know, we've got one for our holiday. Seems a shame to smash it! :pensive: x

  • Nana S.

    Coins will always change in the future so lesson to learn don't save just spend :laughing:

  • Cheryl D.

    Just check which £1 coins you put in it x

  • Jade P.

    theres always something that needs changed :pensive: xx

  • Samantha K.

    Not till Oct! Pod is nearly full..wifey been saving while u been away :wink: Just disney fund :thinking:

  • Ryan G.

    Got til October to fill it up

  • Michelle D.

    There you go then........we need to hand them in!!!

  • Chris P.

    Just empty them in July/August

  • Ali L.

    Oh no!! It can struggle at the best of times :moneybag::dollar::see_no_evil::joy::joy:

  • Samantha P.

    Tweezers work too :smirk: well did for me anyway

  • Kim R.

    Imagine all the trolleys they'll have to change :rolling_eyes:

    • Catie R.

      Self service machines, vending machines... :grimacing:

    • Trevor W.

      All the existing trolleys can remain as they are.

  • Nana S.

    And the ten pound notes are changing in March too so if you saved any of them get um spent now :laughing:

  • Jacinta M.

    More money spent on making more money that doesn't need to be made!

  • Linda R.

    I've done tweezers with notes before but not coins...I always went for the notes :joy:

  • Kayleigh W.

    Is there a 2016 £1 never seen ond

  • Rebecca M.

    You'll be able to take them into the bank after the new ones come out Laura, don't worry x

  • Laura D.

    Oh thats alright then! :blush:

  • Eleanor B.

    Do it till March then change them to the new one xx

  • Russell M.

    for god sake..... my trolley token will be useless now!

  • Ali L.

    The paper/plastic fivers are the cause of a daily migraine:joy::joy::joy:

  • Sky S.

    All this changing money crap is annoying me :joy::joy:

  • Louu A.

    Yep! I just put a couple of quid on the pot of these too! No way & im opening it tho lol

  • Elaine M.

    :disappointed_relieved: u can prob still change the odd ones st the bank I'll check with my friend x

  • William L.

    That's cos the new pound coin will be in circulation by then

  • Tracey H.

    Better make sure i spend all the hundreds of them ive got then :stuck_out_tongue_winking_eye: xx

  • Elaine M.

    Friend works at nat west. She said they will still take them. Will prob take a while to get them out of circulation. So I guess just try to avoid putting £ coins in but the few u have just get changed up next year at bank xx

  • Laura G.

    :angry: it's annoying lol and someone has commented saying the tenners r getting changed.not that I have any of them anyway lol x

  • Connie L.

    I knew my coin collecting was for a reason!! :joy::joy:

  • Claire M.

    Surely £10, £20, £50 notes need to be replaced like the £5 first?

    • Holly G.

      The £10 note is changing this year x

  • Donna R.

    The tenners and twentys are. They will be like the new £5ers x

  • Theresa W.

    You'd better get emptying that piggy bank!

  • Vicky S.

    i will have to smash both kids lovely money boxes now. pisses me off xx

  • Julie B.

    cheers babe, be time 2 empty me tins :) xx

  • Donna R.

    Im gonna save one of each of everything 4 when hes older lol z

  • Barbara W.

    How much money are we wasting by keep changing the existing money in circulation.....

  • Victoria J.

    Sar you can still pay them into the bank after this date

  • Emma W.

    Wonder how much idiots will be trying to sell these for like the new fivers!

  • Stuart B.

    Better get the bank cracked open before then

  • Lisa C.

    That's one coin I don't save lol x

  • Laura C.

    just thinking I will need to open girls piggy banks! may go and get 3 new ones and change those pounds for them now!

  • Lorraine L.

    You could cut a hole in the bottom then tape it up xx

  • Sam M.

    Have no fear folks..... Your ceramic pots need not be smashed. Get yourself a metal nail file or braddle (joiners tool) & gently carve a circular hole in the base, it might be an idea to google "piggy bank stopper" & order one first so that you can draw round one of these to gauge the size of the hole required. I've done this very successfully on many an occasion. Also next time you visit your bank remember & ask for coin bags!!

  • Melissa A.

    What on earth? How ridiculous :rolling_eyes:

  • Suzie S.

    Wow - I had no idea!

    Anyone know when old £5 notes won't be taken anymore?

  • Lucy B.

    Can't buy anything with £1 these days.. But I'll make sure I change them up sainsburys as I usually put them in my money jar for Christmas.

  • Luke T.

    Can't wait for all the posts asking 'how much is this £1 coin worth?'

  • Diana W.

    After 15th Oct you will still be able to pay into your bank account the old £1 ......so don't panic

  • Samantha C.

    Just to confuse the elderly even more.....

  • Alison T.

    haven't been advised yet I'm guessing they'll still take them but shops won't/shouldn't xx

  • Joe T.

    I kinda seen one babe it's 12 sided x

  • Nicola W.

    There may be trouble ahead! :joy:

  • Chloe T.

    That you have a lot of £1 coins to change lol x

  • Robert R.

    Will wait to the last day my sweetie fund :joy:

  • Victoria G.

    They will always be legal, just go to your bank and they will exchange them for new anytime.

  • Pat B.

    The banks will still change them after they are withdrawn from circulation so no need to panic.

  • Tracy D.

    Best get treating ourelves with our small change girls :sandal::crown::bikini::cocktail:Xxxx

  • Raegan B.

    I work for a bank and yesterday exchanged shillings for a customer. Your own banks will continue to exchange these coins for you, they will not be able to be spent in shops etc.

    • Cari B.

      I wish people would understand this! X

  • Jackie P.

    Never have money long enough for a piggy bank lol xx

  • Jackie W.

    It's shaped like the old threepenny bit. That brings back memories xxx

  • Michael J.

    :open_mouth::open_mouth: what are we meant to use then ?

  • Paula S.

    It's not worth that much nowadays anyway!!

  • Dave H.

    As others have said. You can still pay it into your bank account after October. Personal savers business accounts etc. You just can't use it in shops although I bet thousands of places will have vending machine etc that will accept them

  • Emily S.

    Lucky Sophia's is full of £2 coins

What do you think?

Your comment