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    • choille
    • By choille 4th Oct 17, 10:38 AM
    • 5,551Posts
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    choille
    Old Pound coins.
    • #1
    • 4th Oct 17, 10:38 AM
    Old Pound coins. 4th Oct 17 at 10:38 AM
    Don't know if this is the right place but I have saved pound coins over a few years. I have only a few hundred pounds worth and no real savings at all. I would like to bank these as I believe they will not be legal tender soon.
    Any ideas where I should put them?

    Thanks in advance.
Page 1
    • eskbanker
    • By eskbanker 4th Oct 17, 11:21 AM
    • 5,608 Posts
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    eskbanker
    • #2
    • 4th Oct 17, 11:21 AM
    • #2
    • 4th Oct 17, 11:21 AM
    Put them somewhere where they'll earn some interest, I'd suggest starting with the quick link further up the page labelled 'how to start saving'....
    • Biggles
    • By Biggles 4th Oct 17, 11:24 AM
    • 7,438 Posts
    • 4,809 Thanks
    Biggles
    • #3
    • 4th Oct 17, 11:24 AM
    • #3
    • 4th Oct 17, 11:24 AM
    Put them in a bank fast. Any bank. If it's only a few hundred pounds, the interest will be worth little or nothing wherever you go, but you'll lose the lot in ten days if you do nothing.

    It'll almost certainly need to be somewhere where you already have an account, as otherwise they will turn their nose up at hundreds of pound coins coming over the counter.
    • choille
    • By choille 4th Oct 17, 11:58 AM
    • 5,551 Posts
    • 27,086 Thanks
    choille
    • #4
    • 4th Oct 17, 11:58 AM
    • #4
    • 4th Oct 17, 11:58 AM
    Put them in a bank fast. Any bank. If it's only a few hundred pounds, the interest will be worth little or nothing wherever you go, but you'll lose the lot in ten days if you do nothing.

    It'll almost certainly need to be somewhere where you already have an account, as otherwise they will turn their nose up at hundreds of pound coins coming over the counter.
    Originally posted by Biggles
    Thanks for the reply.
    Turn their nose up at money - what a strange country we live in now.
    • AndyT678
    • By AndyT678 4th Oct 17, 12:02 PM
    • 722 Posts
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    AndyT678
    • #5
    • 4th Oct 17, 12:02 PM
    • #5
    • 4th Oct 17, 12:02 PM
    Thanks for the reply.
    Turn their nose up at money - what a strange country we live in now.
    Originally posted by choille
    Why? It's not as if you're giving the money to them are you? You're giving them a time consuming task to do (counting and storing it) and expecting them to do it at no cost to you.
    • eskbanker
    • By eskbanker 4th Oct 17, 12:16 PM
    • 5,608 Posts
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    eskbanker
    • #6
    • 4th Oct 17, 12:16 PM
    • #6
    • 4th Oct 17, 12:16 PM
    Put them in a bank fast. Any bank. If it's only a few hundred pounds, the interest will be worth little or nothing wherever you go, but you'll lose the lot in ten days if you do nothing.

    It'll almost certainly need to be somewhere where you already have an account, as otherwise they will turn their nose up at hundreds of pound coins coming over the counter.
    Originally posted by Biggles
    It's a myth that they're suddenly worthless in ten days, most banks will continue to accept them after that.
    • Biggles
    • By Biggles 4th Oct 17, 2:29 PM
    • 7,438 Posts
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    Biggles
    • #7
    • 4th Oct 17, 2:29 PM
    • #7
    • 4th Oct 17, 2:29 PM
    It's a myth that they're suddenly worthless in ten days, most banks will continue to accept them after that.
    Originally posted by eskbanker
    True, but the arrangements are a bit vague and the amount they will accept can vary from bank to bank. Many of them may refuse 'several hundred' even if you do have an account there.
    • Flobberchops
    • By Flobberchops 4th Oct 17, 8:59 PM
    • 573 Posts
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    Flobberchops
    • #8
    • 4th Oct 17, 8:59 PM
    • #8
    • 4th Oct 17, 8:59 PM
    As a collector I recommend you spend some time going through them and picking out rare ones that are worth more than face value. These would include:

    British Cities set - Edinburgh is the most valuable
    British countries floral set if in good condition
    Bridges set if in good condition
    1988 Crowned Shield
    The Last Round Pound (only appeared in commemorative sets but with demonetisation looming some uninformed people may be putting them into circulation, though they won't be around for long)
    Any territories pounds have collector appeal - Channel Islands, Isle of Man, Gibraltar, Falklands.

    Flog them on eBay and chances are the profit generated will be at least 10x the interest they would have earned in a savings account.

    The rest will, in practice, be accepted over the counter at your bank for several years to come.
    Last edited by Flobberchops; 04-10-2017 at 9:07 PM.
    I work for a UK bank, but any comments made on this forum are solely my personal opinion. Caveat Emptor!
    • darkidoe
    • By darkidoe 4th Oct 17, 9:29 PM
    • 870 Posts
    • 989 Thanks
    darkidoe
    • #9
    • 4th Oct 17, 9:29 PM
    • #9
    • 4th Oct 17, 9:29 PM
    I don't see how vending machines and the like would suddenly be refusing the old pound coins?

    Save 12K in 2017 # 9 £11,119.65/15 000 (74%)
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    • Vortigern
    • By Vortigern 4th Oct 17, 9:38 PM
    • 2,273 Posts
    • 1,473 Thanks
    Vortigern
    I don't see how vending machines and the like would suddenly be refusing the old pound coins?
    Originally posted by darkidoe
    Apparently some machines have already stopped accepting round pounds.

    To the OP:
    Some banks have machines for counting coins. Check with your own bank. If they have one; use it. If they don't have a machine, ask for some coin bags, take them home and bag your coins in the required quantity, then take to bank and pay in to your own account.

    Do not use the Coinstar coin counting machines in supermarkets. They take a large commission just for counting your cash.
    • redmalc
    • By redmalc 5th Oct 17, 5:05 AM
    • 1,255 Posts
    • 475 Thanks
    redmalc
    M&S shopping trolleys will not accept the old pound coin already,a bit of useless information
    • DigForVictory
    • By DigForVictory 5th Oct 17, 6:47 AM
    • 7,073 Posts
    • 19,119 Thanks
    DigForVictory
    I took a handful of (boring) round pounds into Barclays and they swapped them for the new ones, no fuss no hassle. For over a hundred, I might ask the branch for their change bags, and ask when would be a good time to bring in the (correctly filled) bags. My branch was quieter at 10.35 on a Tuesday than it is at any time I've seen it on a Saturday, but I had a child to haul to an appointment.

    Please do not go near those Coinstar things - many are set to take a 10% cut and anyway, it's quite fun to check the patterns for the oddities!
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