If you collect spare change, keep a piggy bank, or happen to have coins lying around the house, you might want to gather those old £1 coins together!
The new 12-sided £1 coin hit the high streets earlier this year and will soon fully replace the traditional round version.
How long have I got left to use my coins?
The 15th October 2017 is the named date when the old £1 coin (pictured above) will no longer be classed as legal tender, this means it won’t be accepted in any shops. Although October is still a few months away, it’s best to gather all your old change together now (whether it’s down the back of your sofa, in a crevice of your car or rolling around in the bottom of your handbag) so you can spend or save it before the deadline.
Can I take any old £1 coins to the bank after 15th October 2017?
You won’t be able to spend any round £1 coins in the shops after the 15th October 2017, but banks such as Barclays, HSBC, Lloyds, Nationwide and Santander have all confirmed that they’ll accept the coin after that date – however, only from their customers.
Even though those old £1 coins do need spending before the deadline, it doesn’t mean that you have to stop saving! For instance, if you have £20 worth of old £1 coins in your piggy bank or saving jar, just remove the coins and replace them with a £20 note! This way you’re not spending unnecessarily and you’re still saving money.
Ahead of the new £10 note launching on the 15th September 2017, it seems the inside of our purses and wallets are set for quite the makeover!