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

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

0
Written by: Paloma Kubiak
15/09/2017
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.

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

Which ISA is right for you? A round up of the six products available in 2017

From cash to innovative finance to lifetime, here's our guide to the ISA products available to savers this yea...

Guide to buy-to-let tax changes

In late 2015, former Chancellor George Osborne announced a range of  tax measures aimed at landlords, which t...

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.

Five fund tips for a 0.25% interest rate environment

With interest rates stuck at a record low 0.25% and expectations rates could fall to close to zero, here are ...

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...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
London house
London house price performance at weakest level since 2008

Property prices are proving resilient across much of the UK, according to the Royal Institution of Chartered Surveyors – but...

Close