Everything you need to know about the new £1 coin (And how long you’ve got to spend the old one)

Britons could lose £1.1 billion in forgotten spare change now the new 12-sided pound coin has entered circulation. 

Whitley Stimpson are keen to make people aware that the current £1 coin will cease to become legal tender on the 15th October 2017.  This gives Britons less than 200 days from the introduction of the new one to locate their currency and either spend it or swap it.

This is the first time the pound coin has been changed in more than 30 years.  The old coin has become a problem as they are easily illegally copied, which means lots of worthless pound coins are in circulation.  The new £1 coin is thinner and larger than the current one, and has 12 sides.

Owen Kyffin, director at Whitley Stimpson, said: “Recent research has shown that ‘piggy bank savers’ could lose £1.1 billion worth of loose change stashed in jars and drawers when the current £1 coin goes out of circulation later this year. The change will have a huge impact on both spenders and savers, who need to check behind their sofas and in glove compartments for any of the current £1s. It will also have an impact on a lot of businesses.  It’s concerning how few people are aware of when the current £1 coin goes out of circulation; you have until autumn to spend your round pounds or exchange them for the edgy new version at your bank.”

The new coin, featuring a gold-coloured band around a silver plate similar to the £2 coin, will be “the most secure coin in the world,” according to the Royal Mint. Thinner, lighter and larger than the current £1 coin, with a diameter around 1mm bigger, the replacement also has milled edges, and a hologram-like image.  There is even a hidden high security feature built into the coin to protect it from being illegally copied-but the details haven’t been made public.

Just last month, the Treasury urged savers to check in coat pockets and behind sofa cushions for forgotten £1 coins.  “We are calling on everybody – from conscientious children saving pocket money in piggy banks to families who like to hold on to their coins for a rainy day – to be ready for this change,” chief secretary to the Treasury David Gauke said at the time.

But don’t worry, returned coins won’t go to waste; some of the coins will be melted down and used to make the new 12-sided version.

Whitley Stimpson offer accounts and business advice and have offices in Banbury, Bicester, Witney and High Wycombe. With over 85 years of experience of working with and advising local and national businesses and individuals on all things financial.

For further advice on spending or saving your money contact Owen and his team at Whitley Stimpson on 01295 270 200 or owenk@whitleystimpson.co.uk

Owen Kyffin