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Cash in your stash of old £1 coins before they become useless

Mirror logo Mirror 16/02/2017
Credits: PA© Provided by Trinity Mirror Plc Credits: PA

Hoarders with stashes of £1 coins are being warned to cash them in – as they will soon be useless.

The familiar round Pound will start disappearing next month when the new 12-sided version is rolled out.

And the old one will cease to be legal tender from October 15 , meaning it can no longer be spent.

The switch has raised fears that millions of children with piggy banks, elderly people with jars of savings and householders who keep loose change for odd purchases will be out of pocket.

The speedy handover is designed to keep a step ahead of forgers who have mastered how to replicate the original with an estimated £45 million worth of fake £1 coins in circulation.

New £1 coins ALREADY selling for hundreds on eBay - and they're not even out in the UK yet

The speedy roll out is to keep a step ahead of forgers who have mastered how to replicate the original with an estimated £45 million worth of fake £1 coins in circulation.

Website MoneySavingExpert.com is urging piggy bank owners, charity box collectors and Brits who pop their loose change into a jar to save for a special item or event to take their stash to a bank ahead of the deadline.

The site, founded by consumer champion Martin says: “There may be a few months left to sort it out, but it’s worth doing now as it’s all too easy to squirrel money away in piggy banks and forget about it.

“Carting a bag of coins to the bank is a real faff - particularly if there isn’t a branch near you. So it’s much better to spend them now.”

And the Treasury is also calling on £1 hoarders not to get caught short.

Credits: PA© Provided by Trinity Mirror Plc Credits: PA

Baroness Neville Rolfe, commercial secretary to the Treasury said: “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 15 October.”

Karl Talbot, of MoneySavingExpert added while piggy banks were “a great way to show children how to save”, cash was safer in a bank or building society.

He said: “Some people cherish their piggybanks from childhood and want to keep them, while others just use them as an easy way to gather change to pay for a pint of milk.

“Yet everyone with a piggybank really should consider going the ‘whole hog’ and depositing their savings into a UK protected bank or building society.

“What’s more, top kids’ savings accounts offer rates to compete with their adult counterparts.”

Deadlines for new and old money

Credits: PA© Provided by Trinity Mirror Plc Credits: PA

March 28 - new 12 sided coin goes into circulation

May 5 - old £5 note is withdrawn

October 15 - round pound withdrawn

Summer 2017 - new plastic £10 launched

2020 - new plastic £20 note launched

Do you have any of these valuable 2p, 10p, 20p or 50p coins in your wallet?

Windfall in your wallet: Believe it or not, there are millions of coins in circulation right now that are worth far more than their face value. We've rounded-up some of the most valuable US, UK and European examples to give you an idea about what to look for when you're home and away. Study them well and make sure you double- and triple-check your change in future. Got any of these? Small change that's worth a fortune

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