The new 12 sided one pound coin has been in circulation for over six months and the old pound coin is now on borrowed time.
A hectic work life over the last few months has meant I haven’t travelled often recently, and it only dawned on me the old pound coin is on its way out when I tried paying with a few of them on the tube as I made my way to the SHOMO Awards last week.
None of the machines would accept them and it was the same on the tram home when I got back to Manchester.
So, when does the old pound coin cease being legal tender?
You have less than a month
If you still have a wallet, purse or jar full of old pound coins you may want to consider getting rid of them.
You have less than a month before the old pound coin ceases to be legal tender and you either need to spend them, or exchange them at the bank.
If you collect loose change over the year to build it into a nice pot to treat yourself, consider taking them to the bank and opening a savings account so you earn a bit of interest too.
The old pound coin ceases to be legal tender at midnight, October 15.
What if I miss the deadline?
There’s no need to panic if you miss the deadline.
You can take any old pound coins you have to most high street banks and deposit them into an account.
Why was a new one pound coin introduced?
The old pound coin became susceptible to sophisticated counterfeiters and it is thought that one in every thirty old pound coins are fake.
That’s an awful lot of dud money doing the rounds and something had to be done about it.
The new one pound coin boasts some of the most effective security features in the world.
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