Brits could lose over £1 billion in loose change when the new £1 coin is introduced

Pound coin

Royal Mint

LONDON — Brits could lose up to £1.1 billion in loose change when the new pound coin is introduced in March, according to research from payment firm Mastercard.

The current £1 coin will be replaced in April for the first time in thirty years, amid fears it has become too vulnerable to counterfeiters.

According to Mastercard's survey of 2,000 British adults, just 17% of people realise that the new coin enters circulation on March 28 — and only 13% know that the deadline to swap their old £1 coins is October 15.

That means that Britons could stand to lose the estimated £1.1 billion in unspent coins which is hoarded in piggy banks, jars, and drawers across the country.

On average, people have £15 in £1 coins stored at home, with young adults aged 18-24 hoarding the most — an average of £25, according to the study.

The survey also found that just one in 10 people — 12% — feel they are up to speed on the introduction of the new £1 coin and the phase-out of the old one.

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