There is £433 million in pound coins down the back of our sofas – and they’re about to become worthless
Time to start rummaging
THE round pound coin is about to become worthless so it’s time to start rummaging down the back of the sofa.
Experts believe that Brits are hoarding around £433 million in the old style coins, which are set to be phased out in 2017.
The missing fortune is thought to be stashed in piggy banks, car ashtrays and down the back of sofas and armchairs around the country.
The old coin has been a favourite of savers since it was introduced in 1983.
But it’s set to be replaced by the new 12-sided £1 coin in March and the round pound will cease to be legal tender by October 15.
The government estimates that £1.3 billion ($1.6 billion) worth of coins are stashed away around a third — or £433 million — of which are pound coins.
So smash open the piggy bank and search in your old jeans because you’ll need to spend or bank the old coins by then.
Yesterday the final design for the 12-sided coin was unveiled and ministers warned the old one would become worthless.
The new design is made of two metals, with a gold-coloured outer ring and a silver-coloured inner ring.
It has a ‘£’ symbol that changes to to the number ‘1’ when the coin is seen from different angles and is thinner and lighter than the current coin.
The currency change was announced in the 2014 Budget.
Chief Secretary to the Treasury David Gauke said: “March 28 should be an important date in everybody’s calendar this year – as we will have a new quid on the block.
“This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before.
“Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before October 15.”
After the introduction in March there will be a transition period when vending machines may only accept old coins.
Helen Dickinson, CEO of the British Retail Consortium (BRC), said: “Through the British Retail Consortium, most major UK retailers have been engaged in discussions and planning with the Royal Mint and Her Majesty’s Treasury since the March 2014 announcement that a new pound coin would be introduced in 2017.
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“Our aim is to ensure that the implementation of the new coin runs as smoothly as possible for our customers and staff. Our combined input into the project means we’re confident the new coin will address the issue of counterfeit coins for businesses and the general public alike, and will prove highly secure for customers to use.
“While there will be a natural transition period where some vending systems may only be able to accept the existing pound coin, our industry is committed to ensuring we’re fully prepared ahead of the launch in March.”
