Everything you need to know about the new £1 coin

Everything you need to know about the new £1 coin

The old rounded £1 coin is on its way out. Earlier this year a new 12-sided coin was introduced into circulation where both were used side-by-side.

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But that is quickly coming to an end as the deadline to get rid of your old £1 coins quickly approaches. Around 1.2 billion old £1 coins have been returned so far, but it has been estimated there are 500 million more hidden away in our wallets and piggy banks.

You have one week to get rid of your old £1 coins

Time is running out for the old round £1 coin fast. From 16 October, the coin will no longer be legal tender, which means that shops and businesses do not have to accept them.

The coins could be hidden away

Just because your wallet isn't packing any of the old round £1 coins, doesn't mean you don't have some hidden away. It's worth spending a little time checking those places where money can hide out in your home to make sure you can spend or exchange them before the deadline.

Some hiding spots include:

  • Children's money boxes
  • Down the back of the sofa
  • Handbags and coats you don't use regularly
  • Junk drawer
  • Car glove box

There is a lot confusion

Businesses have had lots of time to prepare for the pound swap, but in the last few days, there have been lots of reports that businesses are not playing by the rules.

The vast majority of shopping trolleys, lockers, vending machines etc. will have been updated to accept the new 12-sided coin in time for the deadline.

However, it has been reported that Sainsbury's and Tesco has said that a small minority of its trollies at convenience and express stores will not accept the new coin, but will do shortly.

It also gets a little complicated if you travel in London too, as Transport for London has said that 27 of its machines at London Overground stations are not currently accepting the new coins either. However, there will be at least one machine at each of these stations which will accept the new coins.

There have also been reports that some retailers are already refusing to accept the legal tender this week, while Poundland said it would continue to accept the old coins until 31 October.

It's not all over if you miss the deadline

If you still have old £1 coins and didn't get a chance to spend them before the deadline, you don't have to worry about losing the money.

It will still be possible to deposit the old coins at most high-street banks and the post office. This is only a temporary solution though, so it is a good idea to spend or exchange the coins now. Don't hold off.

The change is for a reason

Although it is inconvenient, the Royal Mint has introduced the new coin for a reason. Incredibly, one in 30 of the old £1 coins were estimated to be fake.

The new coin has been described as the "most secure coin in the world", packed full of anti-counterfeiting details, including a hologram.

This article is provided by the Money Advice Service.

10 PHOTOS
Incredibly valuable coins
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Incredibly valuable coins
This Australian coin was the first half crown minted under Edward VII. The price for a Melbourne coin in good condition is particularly high because around half of them were produced with faults. It’s now worth £7,500 and has risen in value some 13,789% since it was first in production

The only half crown on the list gets its position from its rarity value. However, the fact this is a silver coin rather than a gold one does affect its value - so it’s worth £10,500. It’s significantly less than others on the list - but it has still appreciated 79,445%.

This is the newest coin in the top ten, and the first year that sovereigns were produced featuring the Queen. The coin was produced in small numbers for investors - rather than for circulation - so is thought to be worth £12,500, due to its rarity.
This is another collectable gold coin prized for its rarity value. It’s worth £15,000 today and has appreciated 191,716%
This was issued in very small numbers, as it was produced during WWI. As a result, few are available - especially as uncirculated coins - so one in good condition will fetch £16,000.
This is another coin prized for its rarity, thanks to a relatively low number being minted, and more being taken out of circulation during WWI. It’s now thought to be worth £17,000 after appreciation of 42,084%.
This 1926 coin has shot up in value and is now worth £31,500. The rise in value is partly to do with a very low mintage, and partly to do with the fact that people were asked to hand their sovereigns over to be melted down during WWI, which took many of them out of circulation.
This brass threepence from 1937 has benefited enormously from the fact that Edward didn’t stick around for long to get too many coins struck in his image before he abdicated. It is now worth £45,000.
This 1933 penny has seen a stunning appreciation in value and is valued at a whopping £72,000 today. The value is due entirely to rarity. Only around seven British versions of this coin were minted, and were intended for the King to bury under the foundation stones of new buildings. They have been subject to theft, and a few are said to be in private hands now.
This isn’t the oldest coin in the list, but it was produced in a year when all gold coins were recalled and exchanged for paper money - so the vast majority were melted down. Its rarity and popularity puts it head and shoulders above the rest. It is worth an eye-watering £6,500,000, and has increased in value 2,178,885% since it was produced.
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