The Last Day you can Spend your old Pound Coins is Coming up…
It’s time to dig around for all of the round old pound coins you’ve stashed away. Because you only have a little while left to spend them.
After the 12-sided coin went into circulation on March 28th 2017, the Bank of England announced that the old coins would only be accepted until October 15th 2017 – meaning time is ticking to spend the old round ones.
According to the BBC, 1 in 30 of the old designs are thought to be a counterfeit. Which is why the new coins were brought into circulation.
In terms of getting rid of the old ones, though? The Bank of England has told retailers that, after October 15th, they are “under no obligation to accept the round £1 coin from [their] customers and [they] should not distribute the round £1 coin”.
Money saving expert Martin Lewis explains on his website that even though Post Offices and the banks will continue to exchange the old pound coins after this date, it’s definitely time to track down your pounds and putting them to good use.
“There may be a few months left to sort it out, but it’s worth doing now. As it’s all too easy to squirrel money away in piggy banks and forget about it.
“Carting a bag of coins to the bank is a real faff – particularly if there isn’t a branch near you. So it’s much better to spend them now.”