Don’t be left out of pocket as the round £1 gets replaced

10th October 2017

Round £1 coins are on their way out - and from October 15, you'll no longer be able to use them to make purchases in shops, supermarkets, vending machines and even car parks as they lose their legal tender status.

The switch has raised fears that millions of savers will be out of pocket.

So, if you are one of the millions of savers that has regularly saved your small change in jars or encouraged your children to save money in their piggy banks, now is the time to check if your savings include the old round £1 coin or maybe something more valuable.

Rare £1 coin designs such as the Edinburgh City 2011, which is the only £1 coin of which less than 1 million were made and according to Coin Checker have previously sold on eBay for up to £35. 

The Royal Arms is a common design, but look out for one with a 2008 date – this is actually the fourth rarest and worth about £5.99 to a collector.

After October 16, any unspent old round £1 coins can be traded in at banks, but this is only a temporary option.

The Royal Mint said: “We would encourage people to spend, bank or donate their round £1 coins before October 15. We have urged businesses and their frontline staff to, where possible, prioritise the new coin when giving customers their change. Customers are entitled to ask for their change in any way they wish, but until October 15, businesses can continue to give out the old coin.”

So, with less than a week to go until the round £1 loses its legal tender and with £420 million round £1 coins still in circulation, now is the time to check piggy banks, savings jars, coat pockets, the back of the sofa and the car and either deposit them in a savings account or take to a bank and change them for the new £1 coin.

Every pound counts and so if you have taken the time to save your coins, make them work hard for you and open a savings account today - you will be amazed what a difference it makes.

If you had saved a round £1 every week since 21st April 1983 – you would have accumulated £1,805 – and that’s before any interest. If the deadline triggers you to put that into the best savings account earning 2.45% gross (Paragon Bank 5 Year Fixed Rate savings account), you could earn £44.22 each year in gross interest. That’s over £200 at the end of the term - free money!

For information about the best savings accounts on the market, take a look at our best buy tables and start saving today.

 

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