Time is running out to get rid of your old pound coins
I would be surprised if you haven’t noticed by now but the pound coin has a new look. It’s shiny and is not completely round. Unlike the old pound coins, it’s actually a dodecagon (a twelve-sided shape – I promise that I knew that name before the new coin).
Anyway, you know that old saying, out with the old and in with the new? Well that applies here as well. The old round pound coin will soon become obsolete. As of October 2017, the coin will be removed from circulation.
Beyond that date it is unlikely that any shop will continue to accept the old pound coins. Some banks have said that they will continue accepting the coin after that date but this is likely to be just with their own customers and it may not be for long.
Depending on the style of piggy bank you have, this might be an emotional time. If you are facing the prospect of smashing it to pieces prematurely, I can really feel your pain. Imagine how much more pain you will feel if you wait until it’s full only to find that you have £100 worth of old pound coins that no one will accept.
Try not to leave it too late. If you’re anything like me, putting off until tomorrow has become a habit that just makes life a lot more complicated than it needs to be. Feel free to transfer your funds to an actual bank account or treat yourself to something nice. Even if you only have a fiver’s worth of the old pound coins, there are still many bargains you can take advantage of.
Be on the lookout for the new ten pound note as well which the Bank of England have said will be launched September 2017.