Why the new £1 coins could actually be costing you money

Oh, great.

Oh, great.

Words by Jadie Troy-Pryde

When the new pound coin finally came into circulation this month, we waved goodbye to a future with the circular golden pocket change we've all come to know and love. We marvelled at the unusual dodecagon and were in awe at some brilliant hidden features of our new £1 piece.

However, it looks like the new coin could actually end up costing us in the long run.

Mastercard has admitted that we could stand to lose approximately £1.1 billion once the old, circular coin goes out of circulation later this year. While the new pound finds its way, the public has been given six months to start shifting the old coins before they will no longer be accepted.

Why will this cost us money?

The multinational financial service says that the average Brit has about £15 worth of pound coins lying around at home, and warn that if we don't start using the old coins now they may very well be worthless by the time we find and try to use them.

'We were shocked to discover just how few people are aware of when the current £1 coin goes out of circulation,' said Mark Barnett, president of Mastercard UK and Ireland.

The commercial secretary to the Treasury, Baroness Neville-Rolfe, added: '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 15 October.'

Time to start checking behind the back of the sofa - especially if this is what the old £1 coin is really worth...

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