The new £1 has a bold design that combines English rose, Scottish thistle, Welsh leek and Northern Irish clover – all of which bloom from a stem in a royal crown. There is also a secret high-security feature built into the part itself, which protects the coin from counterfeiting. Britons who still carry old round coins can no longer use them to buy goods – but it is not too late to exchange them for new coins. However, if you haven`t managed to spend all the old coins, you`re not necessarily out of pocket. Customers can still exchange old notes and coins. Small amounts can be exchanged without going through a customer`s account, while larger amounts must be deposited into the account. 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. According to Mint, a company wholly owned by the British Treasury, about 138 million round 1-pound coins have been melted down to create new ones at their base in Llantrisant in Rhondda Cynon Taf. Several banks and post offices in the UK are taking similar approaches and continue to accept round books as deposits, but ahead of October 15, many had encouraged all customers to receive their deposits before Sunday`s deadline. Neither the banks nor the post office had announced a deadline by which they would no longer accept the old coins. The old 1-pound coin was withdrawn from circulation in October 2017 and replaced with a thinner, lighter 12-sided coin.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. Round coins are now past their expiration date, so fingers crossed that you no longer have dragging in your home. But there is already a lucrative online business in defective parts. Customers with a Santander current or savings account can deposit old £1 coins into their account at one of the branches. You cannot exchange old parts for new ones at the counter. A total of 13 million old-fashioned 1-pound coins were returned to the Royal Mint last year, but there are still 109 million left. He said he doesn`t expect that service to be interrupted anytime soon (he still accepts the old 50p that was retired more than 20 years ago), but urges people to question whether a trip to a branch is essential right now. Bring your coins to your local post office to exchange for new ones.
According to ITV, although more than 1.2 billion round pound coins have been exchanged in the past six months, Royal Mint officials estimate that the obsolete coins, worth around £500 million, remain in circulation. The coins were replaced in March with a 12-sided coin, featuring sophisticated technology that makes it much more difficult to replicate the coins, according to the Royal Mint. For enthusiasts, take a look at the latest round coins minted in the video below, released on December 16, 2015. HSBC is using “common sense” and while offering essential counter services at this stage where customers have these coins and have a substantial need to trade, they will be able to do so. 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. The new book coin is considered the safest in the world.
Here`s what you need to know, why your change has changed, and what to do if you`re still a few pounds round. So it was time for a change. The new £1 is thinner, lighter and larger, and includes a holographic image that switches between “£” and “1” from different angles. The “safest” 12-sided 12-pound coin entered circulation in March 2017, while the former 1-pound round coin lost its legal tender status in October 2017. 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. It also contains material that can be detected when scanned electronically by coin counting or payment machines. In addition, according to the Royal Mint, there are about 109 million pounds in the old round coins that have not been stored. The former “round book” ceased to be legal tender on Sunday, October 15. The new coins are safer and harder to counterfeit thanks to their distinctive 12-sided shape, the combination of two metals (gold and silver) and a hologram.
However, the Mint said these banks are not required to exchange coins with non-customers and may impose deposit limits, so it`s best to check this before you leave. On 15 October 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 Royal Mint`s exclusive figures for YourMoney.com show that the old coins worth £131 million have not yet been returned to the Royal Mint. 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.