When does the old £1 coin expire?

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The new £1 coin has been in circulation for over 6 months having been introduced on March 28, 2017.

While there was much interested around the new 12-sided coin, hoarders with stashes of old £1 coins have been warned to cash them in sooner rather than later, before they are useless, and worthless!

The date is set for these coins to go out of date.

The date is set for these coins to go out of date.

The old coin will cease to be legal tender from October 15, meaning shops and other businesses will no longer accept them.

And the switch has raised concern that piggy banks, coin jars and savings could soon be worthless if not spent/cashed in.

READ MORE: New £1 coin: Everything you need to know

Charity box collectors and those who save loose change have been urged to go through their coins and sort out the old from the new to make sure that they do not miss out.

However, it is not all bad news.

If you still have £1 coins lying about after the deadline there is no need to panic, old coins can continue to be deposited into a customer account at most high street banks in the UK, but they won’t help you if you’re short of change for the bus after the cut off date.

READ MORE: When can shops refuse your old £1 coin?

According to data, around one in every 30 round pound coins is a dud with the new £1 coin boasting new security features.

The Treasury is urging customers to spend their coins. Baroness Neville Rolfe, commercial secretary to the Treasury, 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 October 15.”

Supermarket giant Tesco has confirmed it will continue accepting old round pound coins after they cease to become legal tender.

READ MORE: Tesco among shops to ignore deadline for rejecting old £1 coins

The firm will allow customers to pay with the old-style coins for a week after the October 15 deadline imposed by the Royal Mint.