You are here: Home - Saving & Banking - News -

Last chance to spend old £1 coins

Written by: Paloma Kubiak
Shoppers have till the end of Sunday to spend their round £1 coins before they lose their legal tender status.

After 15 October, retailers will no longer accept the old £1 coins so only the new 12-sided £1 coin will be in use. And given the fact that banks tend to be closed on Sunday’s while larger retailers close by 5pm, you may need to spend them earlier than the midnight deadline.

Banks and retailers started receiving the new 12-sided £1 coin in March and in six months, more than 1.2 billion old coins have been returned. However, millions of pounds worth of £1 coins are still in circulation so it’s time to raid your and your children’s piggy banks.

What happens after Sunday?

While the old £1 coins will lose their legal tender status, you may still be able to exchange the old £1 coin at most high street banks including RBS, NatWest, Ulster, HSBC, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Halifax, Bank of Scotland and The Post Office, as long as you have an account with them. The banks may also impose deposit limits so it is best to check before you go.

The Royal Mint said these banks are under no obligation to exchange coins with non-customers and urges consumers to spend or exchange the round pound before then.

You can also donate to charity such as the Pudsey’s Round Pound Countdown.

Around one in 30 old round pounds is believed to be a counterfeit which is why the new 12-sided, “most secure coin in the world” was introduced earlier in the year.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Sticking with default pension fund could mean £300k shortfall

Employees could miss out on £300,000 of savings over the course of their lifetime by sticking with poor performing workplace...