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Have you spent all of your old £1 coins?

Pound coins

The old round pound coins cease to be legal tender on Sunday 15 October. Have you spent all yours, and is this changeover more trouble than it’s worth?

It was heralded as the ‘most secure coin in the world’. Boasting several anti-counterfeiting features, the new 12-sided £1 coin was set to launch a safe new era of cash in the UK.

Earlier this year, we asked if you thought the ‘new quid on the block’ was set to cause trouble and many of you saw the chaos coming.

Legal tender deadline

Some six months after the new £1 coin entered circulation, we’re still receiving reports of vending machines and self-service tills not accepting them.

What’s more, with less than seven days until the old round £1 coins cease to be legal tender, reports suggest there are still more than 500 million in circulation.

An estimated one in 30 of the old round pounds in circulation were counterfeited, so there was a clear need for a more secure replacement.

But, weeks after the new pound was circulated, numerous reports of faulty coins emerged.

Now, with days until the old coin ceases to be legal tender, the Federation of Small Businesses is urging its members to ignore this deadline and continue accepting the old coin.

It’s been far from a smooth introduction.

What to do with your old £1 coins

If you’re handed a round pound in your change, you’re within your rights to ask for it be replaced with a new one.

Old £1 coins can still be traded in at most banks, building societies and post offices after this Sunday. Still, we’d urge you to spend, bank or donate any old £1 coins you have lying around within the next few days.

How do you feel about the transition to the ‘most secure coin in the world’. Are teething pains like these inevitable? What are your plans for the remaining old £1 coins in your spare change?

Do you still have old £1 round coins?
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Comments
Guest
Sarah says:
10 October 2017

No explanation as to why you’d urge us to use our old bank coins when it’s still going to be possible to trade them in, without penalty, at banks etc. I started saving specific pound coins a few years ago & now have a few hundred pounds worth.

Profile photo of Alex Whittle
Guest

Hi Sarah, you can still use the old coins until the 15th October in shops and most banks have said you can hand in the coins directly to them after this date, unfortunately not everyone has access to a bank (depending on where they live) so we’re just making sure people are aware of the dates.

Profile photo of wavechange
Guest

I’m still receiving old £1 coins in change. At present I have 7 old ones that I should get rid of, but no doubt others will take their place.

Profile photo of Joe Elvin
Guest

Hi Wavechange,

As mentioned, you’re well within your rights to refuse any old £1 coins you receive in your change, and ask for them to be replaced with new ones.

Profile photo of wavechange
Guest

Thanks Joe. I’ll do that.

When I get home I empty my pockets and put the coins in a coin sorter that a neighbour gave me at Christmas many years ago. It seemed pointless at the time but I know that there won’t be any coins down the sides of chairs.

I wonder who can find the most money hidden in their sofas and armchairs.

Profile photo of Joe Elvin
Guest

I’d say that’s a useful present. I’d imagine it makes it way easier to bank your coins. Beats another pair of socks, anyway

Profile photo of wavechange
Guest

I ‘bank’ my sorted coins at a self-service checkout – when no-one is waiting. The landlord of the local pub is always happy to take change. A more sophisticated coin sorter might not handle the new £1 coin but my basic one works fine.

I have now disposed of all my old pound coins and the last paper £10 note. I will see if the bank will still take an old £5 note that was in a drawer.

Profile photo of Beryl
Guest

I have just checked my purse but found no old pound coins hiding there. I did find an old £5 note recently in a handbag that I hadn’t used for some time, but believe only the Bank of England will cash it now. It will cost me more than a fiver to travel to the BofE so will probably keep it as a souvenir.

Profile photo of Alex Whittle
Guest

It’s worth contacting your bank – maybe if you’re popping to one anyway – to see if they’ll accept it. My bank still accepts shillings!!! Although keeping it as a souvenir can still be nice.

Profile photo of Beryl
Guest

Thanks Alex, I have just checked online and the BofE will exchange old fivers by post ” at your own risk”. @ Dept NEX, Bank of England, Threadneedle St, London EC2R 8AH. As you say, some local banks will still accept them “at their discretion.”

Profile photo of johncfberg
Guest

Are Queen Victoria coins legal tender, except they would be worth more as antiques?

Profile photo of Alex Whittle
Guest

Hi John, Queen Victoria coins aren’t legal tender, you can’t use them in a shop. Although, I had a quick look and they are a collectable so you should be able to get some money if you have one you want to sell – not sure how much you’d get though. 🙂

Profile photo of alfa
Guest

I have a habit of leaving £1 coins in jacket or coat pockets for supermarket trolleys. I went through them a few weeks ago and found £7 in old coins. The back of the sofa only turned up a couple of 20p coins.

Guest
Gina Rae says:
12 October 2017

There was a gentleman on Breakfast TV yesterday stating that there is absolutely no problem using the round £1.00 coins for a few months yet. I often get round £1.00 coins in my change from my corner shop. Infact, I got one in my change this afternoon. There may be a deadline for using them, but the guy stated that there’s no problem in using them for the next few weeks!

Profile photo of alfa
Guest

Watch out for shops sneaking old coins into your change. Got given 2 yesterday. ☹️

Profile photo of Ian
Guest

Sneaky 🙂