The new £1 coin is here – but here’s why you shouldn’t trade in your old coins yet
The shiny new £1 coin is here, giving the old 'round pound' the boot. Should you be frantically spending your old coins whilst you still can?
It might look a bit like a 20p pretending to be a £2 coin, but the new 12-sided pound coin is here to replace the ‘round pound’ whether we like it or not.
From Tuesday 28th March, you’ll start to see the flashy new £1 coin appearing in amongst your change – and you’ll have until October 15th this year to spend your old quids in stores.
There are around 45 million fake £1 coins currently in circulation (that’s one in every 30 coins, in case you're wondering). The new coin’s unusual 12-sided shape is said to make it a bit more difficult to counterfeit, as will it's 'hidden security feature' – apparently, the coin contains special material inside that can be detected by payment machines.
However, whilst solving one problem, the new coin introduces a whole new one, as the change will make many coin-operated items unworkable.
Businesses across the country are struggling to keep up with the change – just last week, Tesco announced it had failed to meet the appointed deadline and would be unlocking all of it’s shopping trolleys as a result.
What to do with your current £1 coins
As the round pound will no longer be legal tender from October 15 onwards, you won’t be able to spend it anywhere after this time. However, whilst savers are being told left, right and centre to spend their cash ASAP, we say what's the hurry?
You'll still be able to cash it in at the bank in exchange for the new coins years after the new coin is launched – although banks are saying they’ll only accept coins from their own customers. If you don’t have a branch near where you live, you might be worth spending them before October to avoid carting your coins across town.
But before you ditch 'em, check 'em!
Whilst you don’t need to go breaking your piggy bank early for the sake of updating your coins just yet, it might be worth having a look amongst your collection for some of the more rare £1 coins that could be worth up to 30 times their value.
There are are 24 different pound coins currently in circulation, and collectors are shelling out a fair few bob for the rarer coins. The introduction of this new quid on the block has made pound coin collecting more popular, and as a result, some of the more limited coins are now flogging for big bucks.
The top five to keep an eye out for other the next few months would be:
(In order of value)
- The Edinburgh £1 coin from 2011
- The Cardiff £1 coin from 2011
- The London £1 coin from 2010
- The Scottish thistle and bluebell £1 coin from 2014
- The crowned shield from 1988
The three UK city coins are pulling in the most return, with the Edinburgh coin fetching as much as £34 per coin! If you have the Cardiff coin amongst your spare change, you could get £20 for it, and a tenner for the London coin if it's hiding in your change.
On eBay, there are a few of the coins mentioned above up for sale already. Whilst they're currently going for a bit less than what's been predicted, it's likely they'll go for more from tomorrow when they're officially out of circulation.
If you can manage to have all 24 £1 coins in your possession, you could be in line for a serious return, as a complete collection will be more valuable when they’re removed from circulation in October.
In fact, Changechecker.org are even encouraging people not to spend their old £1 coins.
Come 15 October, one thing is for certain, any collector looking to own a £1 coin collection will be paying a premium.
So don’t just spend your £1 coins. Check them. Rather than being worthless come 15 October, they may have even more value to collectors – especially if you own a particularly scarce £1 coin.
To spend or not to spend – that's the million dollar (or £34) question!