New 12-sided pound coin to enter circulation in March

iammumtoone

I was going to post my dilemma about this on a separate thread but it seems appropriate on here.

My son (9) and I have been saving the round pounds for years (one of each design) collected from change so not in good condition. We have around £20 of different ones. I never minded keeping them as if I was ever short of money I would just spend them but now there are to become worthless I don't know whether to cash them in or keep for son.

There will never be worth anything, I appreciate that they will just be keep for the 'interest' factor (I still have an old one pound note)

However £20 is a lot of money just for something interesting to look at in years to come.

Would would others do - keep or spend?

bigfreddiel

redpete wrote: »

You mean like these new £1 coins that are being introduced in March?

Not sure what conspiracy you are suspicious of.

Well of course not a brand new issue, but the run of the mill coins.

No conspiracy theory, but I've always noticed how coins all nice and shiny appear in December

Cheers fj

Russe11

iammumtoone wrote: »

I was going to post my dilemma about this on a separate thread but it seems appropriate on here.

My son (9) and I have been saving the round pounds for years (one of each design) collected from change so not in good condition. We have around £20 of different ones. I never minded keeping them as if I was ever short of money I would just spend them but now there are to become worthless I don't know whether to cash them in or keep for son.

There will never be worth anything, I appreciate that they will just be keep for the 'interest' factor (I still have an old one pound note)

However £20 is a lot of money just for something interesting to look at in years to come.

Would would others do - keep or spend?

They will always be worth at least the face value, just because the coins will not be in circulation does not make them worthless.

the face value is £1 that is what it is, most banks will take them in years to come, always exchangable at the bank of england.

iammumtoone

Russe11 wrote: »

They will always be worth at least the face value, just because the coins will not be in circulation does not make them worthless.

the face value is £1 that is what it is, most banks will take them in years to come, always exchangable at the bank of england.

Thanks for that will cost me more than what the coins are worth to get to London but still its nice to know that they can always be exchanged.

Ballard

Eco_Miser wrote: »

Legal tender status has no legal relevance to buying things, just to paying debts.

Whilst that's true, banks will stop accepting them and consequently so will retailers.

System

Russe11 wrote: »

the face value is £1 that is what it is, most banks will take them in years to come, always exchangable at the bank of england.

Why would the Bank of England take them?
It will redeem banknotes it has issued but coin is issued by HM Treasury.

Eco_Miser

Russe11 wrote: »

the face value is £1 that is what it is, most banks will take them in years to come,

Ballard wrote: »

Whilst that's true, banks will stop accepting them and consequently so will retailers.

A difference of opinion there.
Surely banks will keep accepting them, but stop giving them out, thus quickly removing most of the coins from circulation.

When there's not many in circulation, the retailers wont take them mainly because of the extra handling and bagging (kept separate from the 12 sided ones).

fredandwilma

Russe11 wrote: »

They will always be worth at least the face value, just because the coins will not be in circulation does not make them worthless.

the face value is £1 that is what it is, most banks will take them in years to come, always exchangable at the bank of england.

The only clarification i can find on the point of being exchangeable at the Bank of England :-

Royal Mint coins never lose their value. Demonetised coins may be exchanged at face value for current coins provided at least £1 worth of such coins are offered. This right of exchange is subject to time limits.

Unspecified time limits.

Ballard

Eco_Miser wrote: »

A difference of opinion there.
Surely banks will keep accepting them, but stop giving them out, thus quickly removing most of the coins from circulation.

When there's not many in circulation, the retailers wont take them mainly because of the extra handling and bagging (kept separate from the 12 sided ones).

Banks won't immediately stop accepting them but there will be a time, within six months I'd suggest, when they do refuse them.

ColdIron

Maybe not. 3 months ago I exchanged 250 Florins for 5 of the new £5 notes at Lloyds. As long as they were bagged up into £5 units they were OK with them. Most of them were 1968 so that's nearly 50 years old