Brits could lose £1.1bn in forgotten spare change when the new £1 enters circulation next month
BRITS face losing £1.1billion in forgotten £1 coins when the new coin enters circulation, Mastercard hard warned.
The new 12-sided £1 coin comes out next month, but a third of Brits are completely unaware that the old pound coin is being scrapped and a new one will be taking its place.
Almost nine in 10 of us are also unaware of the deadline to spend our old £1 coins – which is October 15.
In a separate warning, MoneySavingExpert's Martin Lewis said: "There may be [a month] left to sort it out, but it’s worth doing now as it’s all too easy to squirrel money away in piggybanks and forget about it.
“Carting a bag of coins to the bank is a real faff – particularly if there isn’t a branch near where you live. So it’s much better simply to spend them now.”
Mastercard's study found that on average, people have £15 in £1 coins sitting around at home, with young adults aged 18-24 hoarding the most – £25 typically.
The current £1 coin is being replaced for the first time in more than thirty years amid fears it has become too vulnerable to counterfeiters. Approximately one in 30 £1 coins in circulation is fake.
Major banks have said they will continue to accept the old pound coin after October 15, but only from their own customers. Shops and other businesses won't accept the old £1 from mid-October.
It may be worth checking the kind of pound you have in your pocket, as certain coins could leave you quids in.
There are currently 24 different £1 coin designs in circulation, with the Edinburgh City 2011 £1 coin the most valuable.
It is selling for as much as £34 on eBay – more than thirty times its value.
And while you're checking your pound coins, it's worth looking to see if you have a rare 50p or £2 coin in your spare change, as these could be worth a small fortune as well.
The Kew Gardens 50p, for instance, is the rarest coin of any denomination currently in circulation, and could be worth a whopping £120.
Will the new 12-sided £1 coins work in supermarket trolleys and vending machines?
FOLLOWING the news of the revamped pound coin, many have been asking about what will happen to vending machines, parking meters and supermarket trolleys across the country, and whether they’ll accept the new £1 coin.]
When The Sun Online asked the supermarkets, they confirmed that they would accept the new coins.
A spokesman for Asda said: “Our customers needn’t worry about our trolleys. They will accept both the new £1 coin as well as the current version and trolley tokens.” Tesco said it had replaced the lock on its trolleys so customers would not be affected when the new pound is introduced.
Sainsbury’s, Lidl, Morrisons and Waitrose also confirmed that their trolleys would accept both the old and new coins.
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