The new coin, of which 1.5 billion copies have been produced, is “the safest in the world,” said Kevin Clancy, director of the Royal Mint Museum. Given the eroding effects of inflation, a 1-pound coin that has been in a piggy bank since 1983 would be worth about 32 pence. Over the past 30 years, the old round coin has become increasingly vulnerable to counterfeiters – in fact, the Royal Mint declares that a £10 coin is fake. The new 12-sided coin was touted as the safest monetary design in the world, with a unique shape, a hard-to-replicate metal blend and a number of other features designed to fum-oxify the forger. The molten metal of the old parts is then part of the production process of the new 12-sided part. There is also a secret high-security feature built into the part itself, which protects the coin from counterfeiting. The end of the legal tender status of old coins means that companies will no longer give them change. Companies can now also reject old coins if customers offer them in exchange. However, some companies have announced that they will continue to accept the obsolete part. The old-fashioned coin can still be deposited at your home`s bank – even if it can no longer be spent in stores. Hailed as the safest currency in the world, the new 12-sided coin has become a familiar sight for the British in a relatively short period of time.
If you still have old £1 coins, chances are you can deposit them into your bank account. Many banks still allow you to deposit them, but they won`t exchange them for new coins. Note that this is at your bank`s discretion and they are not legally required to do so. Sarah O`Donoghue, 39, a council employee, received a misshapen coin while changing shopping at the supermarket. “It would be helpful for small businesses to know that they would have a short transition period to collect old coins if they wanted to and be willing to bank them.” Meanwhile, other shady pieces, including an empty one and those with missing pieces, were sold for up to £300. When is the end of the “round pound”? The old pound coin ceased to be legal tender on 15 October. From Monday 16 October, shops, bars, pubs, cafes and other outlets should stop handing them over to you in turn. According to the Ministry of Finance, the companies encouraged the government to announce a specific date for the end of legal tender for the old coins, rather than letting them be used in trade indefinitely. Some of the parts – supposedly the safest in the world – appear cracked, warped or missing the middle. MORE: Charities call on public to donate old round ledgers as new £1 coin goes into circulation Britain`s old one-pound coin will be completely phased out on Sunday, but businesses complain they`ve been given too little time to switch to the new one, and many plan to defy the deadline. The new coin, which was put into circulation on March 27, is expected to completely replace the old one, which will no longer be legal tender on October 15.
The old 1-pound coin was withdrawn from circulation in October 2017 and replaced with a thinner, lighter 12-sided coin. The old round coins are no longer legal tender and shops, restaurants and other retailers do not accept them. Poundland, a discounter with more than 850 locations across the country, accepts coins up to 31. October. If you have one of the rarest models, your coin could be worth more than its face value. The “Royal Arms” are the most common design, but there are 24 different models in circulation, and some coins can fetch you up to £20. Some reports suggest that the rarest have sold on eBay for up to £35. More: Poundland deadline chaos: Poundland says yes, Lidl says no and other stores say they`re not ready Do you have antique money? Learn how to evaluate old parts. Britain`s largest supermarket, Tesco, will accept coins for a week after the Treasury deadline to accommodate some customers who may still have a surplus of parts. Several banks and post offices in the UK are taking similar approaches and continue to accept round books as deposits, but as September 15 approaches. October had encouraged many customers to receive their deposits before the Sunday deadline. Neither the banks nor the post office had announced a deadline by which they would no longer accept the old coins.
The silver in the middle of the coin is melted into the outer gold ring. The old `round book` is no longer legal tender – here`s what to do if you have something left Another Brit was surprised to find a new coin with TWO queen heads – and the misshapen counterpart could be worth £250. What happens to all the old parts? Old coins are transported to the Royal Mint in Wales, where they are loaded into large containers and spilled into huge ovens and melted. The outgoing round coin, of which two billion were minted, first appeared in 1983 to reduce costs by replacing the one-pound note. Thousands of new £1 coins would have major production defects, which is a huge embarrassment for the Royal Mint. Now the clock has been running for a few days as legal tender for the old 1-pound coin. Two metal alloys of different colors based on nickel and copper also make it easier to distinguish between counterfeits and real coins. However, as has been widely reported, some companies will accept them even after the deadline. And various businesses such as supermarkets and railway companies are struggling to reconfigure trolleybuses and ticket machines to accept 12-sided coins. Bring your coins to your local post office to exchange for new ones.
About 1.2 billion old round coins have been withdrawn from circulation, but about 500 million remain in less than a week. In addition to paper money, the Mint said about 1.59 billion old-fashioned 1-pound coins had been returned, not counting about 1.45 million fakes. The new coin is 12-sided, making counterfeiting much more difficult. The new 1-pound coin was introduced as part of the Mint`s efforts to reduce counterfeiting. As of January 2017, up to 50 million counterfeit round pounds were in circulation. In a recent statement, the Royal Mint revealed that to its knowledge, no new £1 coin has been counterfeited so far. The 1-pound 12-sided coin also has all the new dimensions. It is thinner than the old part and is only 2.8mm thick. MORE: Counterfeit 1 pound coin already in circulation, despite claims to be `tamper-proof` On October 15, 2017, the round pound ceased to be legal tender. This meant that the British could no longer use them for shopping in shops, supermarkets, vending machines and even car parks.
The £5 notes were withdrawn in May 2017 and the £10 notes in March 2018, since then they are no longer a legally accepted means of payment. It also contains material that can be detected when scanned electronically by coin counting or payment machines. However, if you haven`t managed to spend all the old coins, you`re not necessarily out of pocket.