Change is coming. So very soon you’re going to have to check yours.
As you’ve probably heard, there’s a brand-spanking new £1 coin coming into circulation in March 2017.
The 12-sided new quids are being brought in to replace the classic pound coins in a bid to thwart counterfeiters.
The Treasury says there’s about 45 million counterfeit pounds doing the rounds in Britain as we speak, so they’re upping their game to stop the fakes flooding the market.
So the Royal Mint is making an incredible 1.5 billion of the new coins which have beefed-up security features including hologram-like images which change from a ‘£’ symbol to the number ‘1’ from different angles.
What does the #newpoundcoin mean for your business? Find out: https://t.co/ZXPtHOFoH7 pic.twitter.com/7Q6ub1WZFT
— The Royal Mint (@RoyalMintUK) October 31, 2016
Sadly that means the old school nuggets that we’ve grown up with are going to be taken out of circulation.
But you’ll have a six month grace period where you’ll still be able to use both old and new versions of the coin.
However they will officially stop being legal tender from September 2017, according to thenewpoundcoin.com, so they’ll be absolutely worthless…you won’t even be able to buy a pint.
The Government website though has instructions on what to do with all those old pound coins once they cease to be legal tender.
”Following demonetisation, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most High Street Banks including RBS, NatWest, Ulster, HSBC, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Halifax, Bank of Scotland and The Post Office.
”It may be possible to exchange £1 coins at these banks and the Post Office provided you hold an account with them. Specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly.”
So hopefully you won’t be left out of pocket when the new coin takes over in September.
If you’re waiting to find out when you can first get your hands on the new nugget (presumably so you can stick one on eBay for £100) then you’ll have to wait until later this year when the distribution arrangements are announced.
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