Charities are being advised by the National Council for Voluntary Organisations to take advantage of the opportunity that was created by the introduction of the new 12-sided £1 coin.
Members of the public will be urged to donate ‘round pounds‘ before they are removed from circulation in October. They are also being invited to donate the first new coin that they receive.
“Some of the most significant fundraising opportunities are likely to be after the launch and over the summer, as members of the public become aware of the withdrawal of the old coins and start to think about how to get value from them,” stated the senior policy officer at the NCVO, Michael Birtwistle.
He said that around 5 percent of the public would be willing to donate their old pound coins to charity – that could possibly generate millions.
“We’ll be putting out more resources such as fundraising ideas in the coming months, but we know the best ideas will come from the voluntary sector,” added Birtwistle.
A Twitter hashtag #PoundforPound will be promoted by the NCVO to encourage people to give their old coins for a new one.
Macmillan Cancer has also joined the campaign by producing a gif that asks people to donate their first new coin to the charity. It says that just 28 of those coins could already pay for a Macmillan nurse for a full hour.
Various other hospices across the country are also urging locals to hand over their first new coin to support good causes.
A campaign around the new ‘plastic fiver’ that is similar to the said campaign is calculated to have raised £12.5 million for charities.
There are approximately 2.1 billion round pounds that are currently in circulation – with around 700 million missing; in coin jars, piggy banks, down the back of sofas or lying about in the pockets of long-forgotten jackets or jeans.
However, with one in thirty old £1 coins that are believed to be counterfeit, charities are also being advised to be aware of fake coins.
UK Fundraising has urged all charities to make sure that their equipment is ready to accept the new coin and to make sure that all staff are trained to spot fakes.