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.