Check Down the Back of the Sofa and Empty that Piggybank!

21 September 2017

In just over three weeks’ time the old round £1 coin ceases to be legal tender. The six months transition period since the new twelve sided £1 coin was introduced has flown by. After Sunday 15th October 2017 you will no longer be able to spend the old coins over the counter in shops and businesses although High Street Banks can at their discretion continue to accept them in branch for a further period.

Now is the time to poke around down the back of the sofa, check the contents of your piggy bank and maybe the cubbyholes in your car for the little round critters! Most vending machines, ticket machines and parking meters have already or will very shortly be adjusted or recalibrated to no longer accept old pounds.

Interestingly notes issued by the Bank of England continue to be worth their face value irrespective of age or how long they have been out of circulation, so even old white fivers will be accepted at Threadneedle Street if presented directly or posted to them rather than clearing banks as they were issued as a form of Promissory Note and their redeemable date is indefinite. However coinage issued by the Royal Mint is “worthless” once the official withdrawal date has passed. Spend them now, or potentially lose their face value is my advice.

Written by:  Colin from KSV.

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