If you have oodles of £1 coins saved up then you had best get them to the bank. From 15th October 2017 those round shaped pound coins will cease as legal tender. This is to make way for the new two tone 12-sided coin, which will be released into circulation on 28th March 2017.
You don't have to frantically smash your piggy bank open and spend your savings now. There's just over ten months to get those coins changed or deposited into your bank account. It's worth marking it in your diaries though, as it could be costly to forget this changeover.
Why are they changing the £1 coin? The new 12-sided silver and gold coloured coin is said to be one of the 'most secure coins in the world'. The current £1 round coin is often copied and it's thought that as many as 'one in thirty' are counterfeit.
What will happen with all those round £1 coins that will be taken out of circulation? They will be melted down and reused to make the new £1 coin, which was announced in the 2014 Budget.
How different will the new coin be to the old? As already stated the new coin will have 12 sides and will be made up of two metals - a golden outer ring and silver in the middle. The '£' image changes to the number '1' when the coin is seen from different angles. Rather fancier than the current coin. It will also be thinner, lighter, with a larger diameter, than it's round predecessor.
What will happen with machines, trolleys and so on? There will be a transition period where vending machines, supermarket trolleys and so on will only be able to accept the 'old' £1 coin.
Although the official advice from the Treasury is to get those £1 coins changed before 15th October 2017, you own bank will be able to accept some for you after that date, though there may be limits in place. You are advised to contact your own bank to see what their provisions will be. More information can be found here.
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