Old Pound coins.

choille

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.

eskbanker

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

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

Biggles wrote: »

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.

Thanks for the reply.
Turn their nose up at money - what a strange country we live in now.

AndyT678

choille wrote: »

Thanks for the reply.
Turn their nose up at money - what a strange country we live in now.

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

Biggles wrote: »

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.

It's a myth that they're suddenly worthless in ten days, most banks will continue to accept them after that.

Biggles

eskbanker wrote: »

It's a myth that they're suddenly worthless in ten days, most banks will continue to accept them after that.

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

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.

darkidoe

I don't see how vending machines and the like would suddenly be refusing the old pound coins?

Vortigern

darkidoe wrote: »

I don't see how vending machines and the like would suddenly be refusing the old pound coins?

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

M&S shopping trolleys will not accept the old pound coin already,a bit of useless information