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

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

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.

Comments

Reply to
  • Patricia M.

    Will the shopping trolley coin change too

    Reply
    • 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.

      Reply
      • Nana S.

        Use a key off a corned beef tin they work x

        Reply
      • Anna M.

        best empty the baby pot!

        Reply
        • Chris H.

          Yep can take us on a nice day out x

          Reply
        • Sam B.

          better empty that piggy bank!

          Reply
          • Carol B.

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

            Reply
            • Melissa N.

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

              Reply
              • Carol B.

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

                Reply
                • Marina S.

                  We have one too for my little boy :( xx

                  Reply
                  • Shona P.

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

                    Reply
                    • Emma L.

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

                      Reply
                      • Carol B.

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

                        Reply
                      • Tina H.

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

                        Reply
                        • Christina W.

                          Apparently they'll still fit trolleys

                          Reply
                        • Gillian W.

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

                          Reply
                          • Chris D.

                            Not something else to save lol.x

                            Reply
                            • Tracey B.

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

                              Reply
                              • Fiona P.

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

                                Reply
                                • Donna W.

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

                                  Reply
                                  • Holly G.

                                    Most banks will exchange old notes but not old coins x

                                    Reply
                                    • 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.

                                      Reply
                                    • 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

                                      Reply
                                      • 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

                                        Reply
                                        • Sarah L.

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

                                          Reply
                                          • 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

                                            Reply
                                            • Trevor W.

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

                                              Reply
                                              • 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

                                                Reply
                                                • Trevor W.

                                                  Gemma Louise Parker - I'm here for any other financial questions.

                                                  Reply
                                                  • Rebecca W.

                                                    Gemma Louise Parker they even accept 10 shilling notes!

                                                    Reply
                                                    • Meshel W.

                                                      Well they don't accept old 50p! Lol

                                                      Reply
                                                      • Jean H.

                                                        So no worries about all this thanks

                                                        Reply
                                                        • Trevor W.

                                                          I think we need to focus on losing the lbs not the £s.

                                                          Reply
                                                        • Stacey L.

                                                          Still so shocked at this :joy::joy:

                                                          Reply
                                                          • Sarah L.

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

                                                            Reply
                                                            • Nana S.

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

                                                              Reply
                                                              • Kirsten F.

                                                                :joy::joy:

                                                                Reply
                                                              • Cheryl D.

                                                                Just check which £1 coins you put in it x

                                                                Reply
                                                                • Jade P.

                                                                  theres always something that needs changed :pensive: xx

                                                                  Reply