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

Raid your piggy banks: 169 million old £1 coins still rattling around

0
Written by: Paloma Kubiak
09/08/2018
An estimated 169 million old round £1 coins have yet to be returned to the Royal Mint, months after they lost their legal tender status.

The new, “most secure” 12-sided £1 coin entered circulation in March 2017, and until 15 October 2017, both the new and the old round £1 coin were used.

The move to launch a new £1 came as around one in 30 old round pounds was counterfeit.

According to figures obtained by BBC Wales, about 138 million round £1 coins have been melted down to create some of the 1.5 billion new ones at the Royal Mint.

It was expected that about 85% of the 1.7 billion round £1 coins – 1.4 billion of them would be returned during the transition period, based on numbers achieved when the 50p changed in 1997/98.

But around 169 million round £1 coins have not been returned to the Royal Mint, nearly 10 months after they stopped being legal tender.

A spokesman for the Royal Mint said: “We do not expect that all round £1 coins in circulation at the time of the transition will be returned to the Mint.”

“Also, based on the returns of other demonetised coins we expect there to be some returns for a number of years to come as people find these.”

If you find an old £1 coin, you can’t spend it but you can take it to your bank to deposit into your account at the following: Bank of Scotland, Barclays, Clydesdale, Halifax, HSBC, Lloyds, Nationwide, NatWest, The Post Office, RBS, Santander, Ulster and Yorkshire Bank.

The Royal Mint said these banks are under no obligation to exchange coins with non-customers, and they could also impose deposit limits so it’s best to check before you go.

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...

YourMoney.com 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:
house prices
Third of first-time buyers confused about stamp duty changes

Almost a third of first-time buyers are confused about the recent changes to stamp duty, data has revealed.

Close