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Raid your piggy banks: one month left to spend old pound coins

Written by: Paloma Kubiak
Shoppers have just one month left to spend any old round pound coins before they lose their legal tender status.

Banks and retailers started receiving the new 12-sided £1 coin in March and both coins have been in circulation since.

But the old round pound coin loses its legal tender status at midnight on 15 October, so it’s time to raid those piggy banks to exchange them for the new coin.

After this date, shops will no longer accept the coins and you shouldn’t be given them in your change.

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.

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

The new plastic £5 note came into circulation in autumn last year and yesterday saw the launch of the new plastic £10 note.  A new £20 note featuring J.M.W Turner will follow in 2020.

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