Yahoo Finance Old £1 coin: Time is running out to spend your round pounds
There is now just one month left until the old round pound coin leaves circulation.
The old coin stops being legal tender on 15 October, so time is running out to spend any that you still have. After that date you will be able to trade in the coin at banks or the Post Office for the new, 12-sided version. However, this is only likely to be a temporary service.
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If you are handed an old £1 coin in change from a shop, then you are entitled to ask for it to be changed for the newer version though it’s important to note that businesses are entitled to hand out the old coin for as long as it is legal tender.
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From 15 October anything that handles coins, from vending machines to parking machines and shopping trolleys should accept the new £1 coins.
The new £1 coin was released into circulation back in March this year, and has been in ‘co-circulation’ with the old coin since then. It is described as the most secure coin in history, which is down to a combination of its shape, the fact that it is made from two different metals, micro-lettering on the rim and milled edges.
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In contrast, as many as one in 30 of the old £1 coins were counterfeit according to the Royal Mint, the equivalent of around £50 million.
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However, a host of the coins appear to have been produced with significant flaws, ranging from missing letters to even a missing middle, though the Royal Mint has emphasised that these ‘variances’ are an expected part of the minting process.
These flawed coins are highly prized by coin collectors, with some selling through auction sites like eBay for thousands of pounds.
