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. 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. 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. As with the redesigned £1 coin, these new notes were introduced for added security. The new banknotes are harder for criminals to counterfeit due to features such as a transparent window with a portrait of the queen, images and holograms that change color. Sarah O`Donoghue, 39, a council employee, received a misshapen coin while changing shopping at the supermarket. Meanwhile, other shady pieces, including an empty one and those with missing pieces, were sold for up to £300.
All the old coins sent to the Royal Mint will be melted down and used to make the new £1 coin – but with 50 million of them in circulation considered fake, it is likely that many will not be recycled. 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. A spokesman said: “We continue to accept coins and banknotes in our branches. However, to ensure we are adhering to the government`s social distancing policy, we continue to ask members to determine if a visit to the branch is essential at this time. The new coin is 12-sided, making counterfeiting much more difficult. 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. 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. On the other side, the coin depicts the fifth portrait of the queen. Pack all your coins in one wallet and go to your local bank branch to exchange them. They can do it for you for free. Some may ask you to be a customer before accepting the exchange. Since the original £1 coin was first minted in 1983, inflation has erased two-thirds of its real value, according to a recent analysis by M&G Investments. There are still 145 million old one-pound coins missing, although they were withdrawn from circulation as legal tender in October 2017. Now the clock has been running for a few days as legal tender for the old 1-pound coin. Which one? Silver expert Gareth Shaw said: “Old £1 coins can still be exchanged at banks, building companies and post offices after this date.” We understand that today there are only a few bank branches to go to. If you can`t make it to your bank, go to a post office that allows you to deposit old coins in most major bank accounts.
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. 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. The silver in the middle of the coin is melted into the outer gold ring. Some of the parts – supposedly the safest in the world – appear cracked, warped or missing the middle. 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. It accepts old £1 coins and banknotes for payment for goods and services or for deposits into accounts, but not for easy exchange. Other faulty parts given to Sun readers are misshapen, with sections bleeding into each other or lacking design details. While the post office can`t exchange any of your old £1 coins for new ones, you can still deposit them into your regular bank account via a post office after October 15. A spokesperson said: “While we continue to accept coin and cash deposits within the branch for customers conducting their essential banking transactions, we encourage customers to only visit a branch when absolutely necessary.” Round coins are now past their expiration date, so fingers crossed that you no longer have dragging in your home.
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. 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. “Being one step ahead of sophisticated counterfeiters remains a constant challenge, and this piece helps in that fight.” 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. The iconic round pound lost its tender status last year after the 12-sided version took over – here`s what to do if you still have one with 145 million one-pound coins missing, is it possible you still have some? And if you get an old pound in your currency, you should refuse it, because it won`t be usable elsewhere. For enthusiasts, take a look at the latest round coins minted in the video below, released on December 16, 2015. However, over the decades, more and more counterfeit 1-pound coins entered the system, with the Royal Mint estimating that one in 30 pound coins was fake. Customers can always bring old 1-pound coins into the store. If customers have a face value, they can be exchanged for newer coins.
Larger amounts must be deposited into an account for verification purposes. There is a margin of discretion for the industry here. If you find an old £1 coin, you won`t be able to spend it, but you can take it to your bank to fund your account with: Bank of Scotland, Barclays, Clydesdale, Halifax, HSBC, Lloyds, Nationwide, NatWest, The Post Office, RBS, Santander, Ulster and Yorkshire Bank. According to the Royal Mint, 24 million coins have been returned, but 145 million are still not included. 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. But there is already a lucrative online business in defective parts. The former “round book” ceased to be legal tender on Sunday, October 15. A unique security feature gives it a hologram-like image that changes the symbol to the number 1 when viewed from different angles. Thousands of new £1 coins would have major production defects, which is a huge embarrassment for the Royal Mint.
There is also a secret high-security feature built into the part itself, which protects the coin from counterfeiting. The coin was phased out over six months to pave the way for the new 1-pound 12-sided coin, which launched in March of that year. There is no minimum deposit amount, but the bank allows a maximum of six full bags of coins, which equates to £120 per day. It seems to be a lot of problems, why this change? The old round pound was introduced in 1983 to replace the £1 note, which was relatively easy to counterfeit and had a very limited shelf life. 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. More: Round Book Deadline Chaos: Poundland Says Yes, Lidl Says No and Other Stores Say They`re Not Ready Some charities may still be able to make good use of old book coins. If you have a charity in mind, visit their website or call them to ask if you can donate the coins. Some will send you an envelope to send. Poundland, a discounter with more than 850 locations across the country, is accepting coins until October 31. 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. You may want to keep one or another £1 coin as a souvenir or souvenir, or pass it on to your grandchildren in the future.
There is no minimum that can be deposited, but it usually allows a maximum of five bags of coins (£20 each) per account, although this is at your discretion.