New 12-sided pound coin to enter circulation in March

EarthBoy

Coins are nothing to do with the Bank of England. Coins are issued by the Royal Mint, which is owned by the government but is not connected to the Bank of England.

The Royal Mint will not take back old coins and exchange them for new ones. Their website says:

How can I dispose of coins no longer in circulation?

It is our understanding that some United Kingdom high-street banks are willing to accept demonetised coins from their customers. Please be aware, however, they are under no legal obligation to do so.

http://www.royalmint.com/help/help/how-can-i-dispose-of-demonetised-coins

So you're best using up your old coins before they are withdrawn from circulation or you might be stuck with a load of worthless metal.

Eco_Miser

ColdIron wrote: »

Most of them were 1968 so that's nearly 50 years old

Yes, but they were legal tender until 1993, so that's only 23 years out of date.

Pennies from 1838 could still be found in change in 1971 - that's over 130 years old.

ColdIron

A coin dealer offered me £1 each or better on pre-1947 ones as they had 50% silver. A quick bit of googling shows the last year they were minted was 1967 so my memory has failed me, yet again

molerat

Pincher wrote: »

I fully expect loads of stickers on meters saying DO NOT USE the 12 sided pound coins.

colsten wrote: »

The 1€ coins work in shopping trollies, here and in over half the western european countries :cool:

unforeseen wrote: »

I must admit, having checked a 1€ coin against a £1 coin I reckon the new coin is going to be roughly the same dimensions as the € coin except it will have 12 sides

€1 diameter 23.25 mm, thickness 2.33 mm, 7.5g
Old £1 diameter 22.5mm, thickness 3.15mm, 9.5g
New £1 diameter (at points) 23.43mm, thickness 2.8mm, 8.75g

It looks like shopping trollies should accept them, being only a fraction larger in diameter than the €1 and thinner than the old £1, but obviously the more complex machines will need reprogramming.

TheCyclingProgrammer

The Royal Mint's website for the new £1 coin says you can continue to deposit them and in some cases exchange them at high street banks following demonetisation in October. Today's government press release gives the impression that you cannot and that they will all become worthless if you don't deposit or spend them in time. Who is correct?

EDIT: Already had confirmation from my bank (First Direct) that old £1 coins can continue to be deposited at HSBC branches after demonetisation in October, so it seems that the Royal Mint advice is correct and the government is talking out of its backside as usual (still worth checking with your bank though).

eskbanker

Do you have a link for the non-RM government quotes you're referring to?

Edit: Found it: https://www.gov.uk/government/news/2017-new-quid-on-the-block

I agree, clumsy wording to say "Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before 15 October."!

TheCyclingProgrammer

eskbanker wrote: »

Do you have a link for the non-RM government quotes you're referring to?

Edit: Found it: https://www.gov.uk/government/news/2017-new-quid-on-the-block

I agree, clumsy wording to say "Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before 15 October."!

Yes, that's the one. And to make things worse, this is the message now being regurgitated across news sites everywhere, e.g.:

http://metro.co.uk/2017/01/02/that-1-coin-in-your-pocket-is-going-to-become-absolutely-worthless-this-year-6355748/
http://uk.businessinsider.com/pound-coins-will-become-worthless-in-october-2017-2017-1

Even the BBC getting in on the act:
http://www.bbc.co.uk/newsround/38487910

You will still be able to use the round £1 coin until 15th October, after that date they then become worthless.

eskbanker

It's pretty embarrassing isn't it, you obviously have to take journalistic spin with a pinch of salt but there are two directly contradictory positions on official government sites (given that Royal Mint is a government-owned company):

As above, in https://www.gov.uk/government/news/2017-new-quid-on-the-block:

Secretary to the Treasury David Gauke said: [...] Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before 15 October.

while at RM's dedicated site:

What should I do with my existing £1 coins after legal tender status is removed?

Following demonetisation, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most High Street Banks including RBS, NatWest, Ulster, HSBC, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Halifax, Bank of Scotland and The Post Office.

It may be possible to exchange £1 coins at these banks and the Post Office provided you hold an account with them. Specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly.

Flobberchops

There's a pun in there somewhere about a dodecagonoid coin never truly being circulated....

Pincher

If the banks can tell fake ones, won't they refuse to accept them?

Soon, most of the round £1 coins still in circulation will be fake, and everybody will be refusing to take them.