The new 12-sided one pound coin hit the streets on March 28 and there are now more new pound coins in circulation than there are round pounds. But it’s time to start searching down the back of the sofa, as time is running out for the old-school pound. Find all the essential information here.
When do the old one pound coins cease to be legal tender?
The old round pound will cease to be legal tender on October 15 this year – just six months after the introduction of the new 12-sided coin.
What can I do with my old pound coins once they’re withdrawn from circulation?
After the pound coin ceases to be legal tender, business will no longer be obliged to accept them. However, you will be able to deposit them into your bank account at most high-street banks. You will also be able to exchange them at Post Offices and banks, but the Royal Mint has advised that people check with their banks directly, as arrangements vary and there could be a deposit limit.
Why was the old £1 coin changed?
It’s all about beating the forgers! Figures suggest around 45 million £1 coins currently in circulation are fake. That is about one in every 30 coins.
How will I know if a 12-sided £1 coin is genuine?
As with anything new, forgers will be trying to counterfeit the newest UK coinage to enter circulation, here’s how to spot if a 12-sided £1 coin is genuine:
- Look for the ‘£’ symbol, then shift the coin around in your fingers. If the ‘£’ turns to a ‘1’ then your coin is genuine with the new fancy anti-counterfeit hologram.
- Check the 12 sides. Are they flat or alternating flat then milled (lines engraved in them)? If they’re all flat, you’re in possession of a fake, but if they’re milled then flat you’re likely to be holding the genuine article.
- Tiny lettering on the coin will also make it easy to spot fakes – as this is extremely difficult for crooks to convincingly copy.
- Look out for a ‘patented high security feature’! We can’t tell you what it is because we don’t know – the Royal Mint is keeping it secret. If you spot it, let us know.