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When Do I Need To Change My £1 Coins? Everything You Need To Know
The countdown to our new legal tender has begun and there's not a lot of time left.
Save the pennies and the pounds will look after themselves they say!
Well, not for much longer because after October the £1 coin as we know it won't hold any value.
Yep, as the Bank Of England gets ready to roll out it's new 12 sided coin this year, Brits across the country are going to have to rid their piggy banks of any old pound coins as it won't be recognised as a form of legal tender come October 15.
The new £1 coin will be introduced from March.
The Manchester Evening News reports around £1.3 billion worth of coins are stored in savings jars across the country, and the current £1 coin accounts for nearly a third of these.
While the banks will exchange old notes, they will not be doing the same for out-of-date £1 coins.
DON'T PANIC JUST YET!
We have answered everything you need to know to gear you up for the big switch.
When do we get the new £1 coin?
The new coin will be introduced from March 28.
When do I need to get rid of my £1 coins?
You need to get rid of all your old £1 coins by October 15th. You can do this by trading them in at the bank or simply spending them!
Will supermarket trolleys accept the new £2 coins?
According to Metro, Tesco, Sainsbury’s, Aldi and Lidl have all confirmed they will be accepting old, new and tokens, while Asda and Morrisons are yet to comment.
What will happen to the old £1 coins?
Some of the round £1 coins returned by the public will be melted down and reused to make the new £1 coin, which was announced in the 2014 Budget.
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