They go out of circulation sooner than you think
The UK’s currency is having a bit of a shake up at the moment. We’ve had a new pound coin and new five pound notes introduced, and a new ten pound note is on its way, too. You’ve probably got used to the new cash, but are you clued up on how long you have left to spend the old pound coin?
Once the round coins go out of circulation they will no longer be considered as legal tender, meaning they won’t be accepted anywhere in the UK. According to The Telegraph, is an initial period of six months known as ‘co-circulation’ (where both coins are legal tender), which started from when the new pound coins were released in March.
When is the old pound coin deadline?
Therefore, the old pound coin will officially go out of circulation at midnight on Sunday the 15th October. So, what do you need to do with your old pound coins before then to make sure you don’t lose any money?
While you might be sat there thinking the obvious option is to spend them all before the 15th of October, you’ll also be able to exchange any leftover coins at the bank.
Although you’ll still be able to exchange them after they go out of circulation, The Telegraph reports that this is only a temporary measure. It’s better to do it sooner rather than later, then.
‘We would encourage you to spend, bank or donate your round £1 coins before October 15,’ The Royal Mint advises on the new pound coin’s website.
If you’ve any leftover round pound coins come the 16th October, we suggest you just stack them up and pop straight down to the bank. That way you won’t get caught out by the end of the exchange period.
Roll on the arrival of the new ten pound note, we say…