The new 12-sided £1 coin became legal tender on 28 March 2017 and now with one billion coins having passed through the Royal Mint production line, it’s time to say farewell to its predecessor.
The old pound coin will officially lose its legal tender status as of midnight Sunday 15 October 2017, meaning it won’t be accepted anywhere in the UK.
The clock is ticking
Royal Mint are now encouraging all old pound coin owners to spend, bank or donate their coins before the deadline.
Andrew Jones, the Exchequer Secretary to the Treasury said, “The clock is ticking. We are urging the public to spend, bank or donate their old pound coins and asking businesses who are yet to do so, to update their systems before the old coin ceases to be legal tender.”
If you miss the deadline though, all is not lost as HSBC, Barclays, Nationwide, RBS, Santander and Lloyds/Bank of Scotland have all told Money Saving Expert that they will swap the coin but for their customers only. The Post Office is also expected to accept the old coins.
The old pound coins are to be melted down to create new ones.