New 12-sided pound coin to enter circulation in March

bumpercars99

Why is the messaging so extreme on this at the moment? You can't even do anything about it for months. Sure I'll get rid of all my pound coins and then receive more next week...

Your bank will still swap them for years anyway like all the other replacements. I used to run a shop and we used to bank all sorts of odd money people had accepted by accident with no issue. Including things like old 50p pieces that were certainly over 15 years out of date at the time.

I guess the problem with your pound coins if you rely on swapping them at the bank later is, how many of them are fake?

Westie983

The banks should take them, after October, they will then remove them from circulation just like they did with the £50 notes and currently ongoing with the £5 notes, and the same practice when the plastic £10 notes come out.

I still accept £50 notes into my till and then are banked out, and swopped to new ones, and they left circulation in 2014.

There is so many in circulation its going to take time to get rid of them out of change, think everyone is panicking unnecessarily.

I suppose if you want to exchange your coins into notes this is an option but as you bank some you will still get some back in your change till October.

The other option is wait till March and bank and swop.

**edit** Last month I banked some very old £10 notes that were found by a customer whose dad had died and they were mouldy as they were hidden behind the bathroom mirror, they were still accepted and banked, and they left circulation in 2003.

Worth asking your bank but I dont foresee a problem, as the coins will take a few years to leave circulation and the shops will stop accepting them as payment and will direct you to bank them, or swop, just like all the other denominated coins and notes in the past.

TheCyclingProgrammer

Had an official response from the Royal Mint.

As indicated by the press statement we would encourage you to return the current round £1 coin by the 15th October 2017 when the coin’s legal status is removed. However, 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 after this date. It may be possible to exchange £1 coins at these banks and the Post Office provided you hold an account with them.

In terms of hard deadlines, we would recommend that you consult with your bank directly to discuss their specific arrangements as they may vary from bank to bank, including deposit limits.

fredandwilma

For all those who have been saving £1 coins, there is little point in continuing to save them in large numbers and it makes far more sense to cash them in.

I had far more £1 coins than i anticipated, and i shall be exchanging them as soon as i go to the bank. The proceeds will then be deposited in my £2 coins pot as these are "rainy day" or "happy day" savings. Hopefully, there won't be too many "rainy days" and more "happy days."

I personally, like to have these savings "pots" as i find i don't miss the odd coin or two as much, and it's amazing how much you can accumulate over a period of time. That is, unless you are given a number of coins in change, (say £2 coins rather than notes,) and something ends up costing you, (in effect,) five times more than the cost of your items. :rotfl: