The new 12-sided £1 coin started its circulation on March 28, and now Britons are being encouraged to deliver their old pound coins before they stop to be lawful tender from October 15.
March to September is recognised as the “co-circulation” period, in which both old and new £1 coins can be acknowledged in shops.
Any unspent £1 coin after October 15 can be exchanged at the bank, however, this is just an impermanent alternative – so it is smart to spend or trade the coins now to avoid not having the capacity to in future.
The Royal Mint stated: “We would encourage you to spend, bank or donate your round £1 coins before October 15.”
The new 12-sided one pound coin entered circulation on March 28, replacing the round £1 coin which has been available in use since 1983.
The new coin has been named “the most secure in the world, ” and there are more than 1.5 billion of them available for use. Roughly one out of thirty of the old round £1 coins available for use is a fake.
Starting on October 15, organisations may no longer acknowledge the round £1 coin from clients, so the safest thing to do is take any old pound coins to a high road bank or the Post Office if you hold an account with them.
Call your bank to check if they accept the old round coins, so you don’t waste time going out of your house.
A representative for The Royal Mint stated: “Following the ending of legal tender status, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most high street banks… provided you hold an account with them.
“Specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly.”
There are 24 diverse £1 coin designs; the most popular is the Royal Arms.
However, there are a few outlines that are unique than others, making them priceless to collectors. The extraordinary old £1 coin is known as the Edinburgh City 2011 £1, which has been marketed for up to £35 on eBay – more than thirty times its value.
Other uncommon pound coins incorporate the 2011 Cardiff City £1 coin and the London City 2010 £1. If you have one of these, it may be worth attempting to sell it on eBay before exchanging it in at the bank.