When do the old pound coins go out of circulation?

The deadline to spend your old pound coins is looming as the round pound is set to go out of circulation this month. Consumers are being reminded to bank, donate or spend them, as from October 15, shops are under no obligation to accept the old version of the coin.

The new coins will be harder to counterfeit as they boast hi-tech security features to stop the fakery. Around one in every 30 round pound coins has been fake in recent years. The 12-sided coin came into circulation in March and resembles the shape of the old threepenny bit. The round pound came into circulation on April 21, 1983 and replaced £1 notes. Over 2 billion round pound coins have been produced since then. The old round pounds that are returned to the Treasury after the deadline will be melted down and made into new £1 coins. If you find a few round £1 stuck in your coins after the October 15 midnight deadline you can still get money back for the coins if you trade them at your Post Office or your bank’s branch. Meanwhile, if you’re  given change of an old £1 coin you can ask for it to be changed at the till, you have the right to do so.

There are 24 different types of old round pounds. Where most are only worth their face value, there are a few designs that could be a money maker if you kept hold of them.

The rarest old £1 coin is known as the Edinburgh City 2011 £1 , which has previously sold for up to £35 on eBay. Other rare pound coin designs include Cardiff City £1, The London City £1, Thistle and Bluebell £1, and the Crowned Shield £1 coin to cash in on your loose change.

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