But that still leaves out $145 million — even if people can`t spend it in stores since October 2017. Do you have old money? Learn how to evaluate old parts. Customers can either use old £1 coins to deposit into their bank accounts or exchange them for new ones. Swiss Post allows customers to deposit old coins and banknotes into a bank account, which can then be withdrawn and issued as a new currency. Not everyone will be able to do this immediately, as your bank will need to be connected to receive cash deposits in the mail. There is no minimum deposit amount, but the bank allows a maximum of six full bags of coins, which equates to £120 per day. The coins were replaced in March with a 12-sided pound coin with sophisticated technology that made it much more difficult to reproduce the coins, according to the Royal Mint. Some of the parts – supposedly the safest in the world – appear cracked, deformed or have the missing middle. The end of legal tender for old coins means that companies will no longer pay for them in the currency. Companies can now also reject old coins if customers offer them as payment. However, some companies have announced that they will continue to accept the obsolete part. The new coins are safer and more difficult to counterfeit, thanks to the distinctive 12-sided shape, the combination of two metals (gold and silver) and a hologram. Thousands of new £1 coins would present major production errors in great embarrassment to the Royal Mint.

There is no minimum that can be deposited, but it usually allows a maximum of five bags of coins (£20 each), although this is discretionary. There is no maximum that can be deposited into child accounts. The new coin was hailed as the safest in the world. Here`s what you need to know, why your change has changed, and what to do if you still have a few round pounds. According to the Royal Mint, 24 million coins have been returned, but 145 million are still not taken into account. The old 1-pound coin stopped being put into circulation in October 2017 and was replaced with a thinner, lighter 12-sided coin. Old round coins are no longer legal tender and shops, restaurants and other retailers do not accept them. However, as has been widely reported, a number of companies will continue to accept them even after the deadline. And various companies such as supermarkets and railway companies are struggling to reconfigure trolleys and ATMs to accept 12-page coins. However, over the decades, more and more fake 1-pound coins entered the system, with the Royal Mint estimating that one in £30 1-pound coin was counterfeit. According to the Royal Mint, the 1-pound round coin can still be deposited in most high-street banks.

Poundland, a discounter with more than 850 locations across the country, is accepting coins in payments until October 31. Customers can still deposit or exchange old £1 coins. Under the current circumstances, banks that are part of the RBS Group advise people to come to branches only when they really need to. They do not advise emptying an old coin jar and coming to the store for this reason. If you have a rare design, you may want to stick to it as it might be worth more than its face value. The Edinburgh City 2011 coin is the rarest, with only 935,000 copies in circulation. Go to Changechecker to see how rare your room is. You can see all the drawings of coins in pounds here. Britain`s largest supermarket, Tesco, will accept coins for another week after the Treasury deadline to accommodate some customers who might still have surplus coins. The molten metal from the old parts is then part of the manufacturing process of the new 12-sided coin. The same is still true for those who still have old 1-pound coins and banknotes of lower face value. However, not all banks accept non-legal tender, which can no longer be issued in shops, pubs or elsewhere.

Customers can still bring old £1 coins to the store. If customers have a nominal amount, they can be exchanged for newer coins. Larger amounts must be deposited into an account for verification purposes. There is room for industry discretion here. Old round coins are no longer legal tender from midnight on Sunday, October 15 – but some shops are still ready to welcome them. Collector John Taylor was stunned to discover that the center had completely fallen off one of his pieces. Since Sunday, October 15 at 11:59 p.m., the old coin is no longer legal tender, so retailers, restaurants, bars, etc. can refuse to accept it. The old “round book” ceased to be legal tender on Sunday, October 15. A Royal Mint official said: “Our communication campaign encouraged the return of the old £1 coins when legal tender was removed. Exclusive figures from the Royal Mint for YourMoney.com show that the old £131 million coins have not yet been returned to the Royal Mint. Around £1.2 billion of old £1 coins have been withdrawn, but an estimated £500 million are still in circulation.

An independent review of cash released in March suggested that banknotes and coins were a necessity for eight million people. Many banks still accept old banknotes as customer deposits. Swiss Post can also accept them as a deposit in bank accounts that you can access at the post office. You can also exchange withdrawn banknotes from the Bank of England. Although more than 1.2 billion round coins have been exchanged in the past six months, Royal Mint officials estimate that obsolete coins worth around £500 million will remain in circulation. But there is already a lucrative online business in defective parts. Customers can still exchange old coins and banknotes. Small amounts can be exchanged without going through a customer`s account, while larger amounts must be deposited into the account. The new 12-sided pound coin was launched in March 2017 and demonetized in October 2017. You can no longer spend the old ones in the shops.

Here`s what you need to know when you realize you`re still in possession of it. If you have one of the rarest models, your coin might be worth more than its face value. The “Royal Arms” is the most common design, but there are 24 different models in circulation, and some coins can earn you up to £20. Some reports suggest that the rarest on eBay sold for up to £35. However, the Royal Mint has stated that these banks are not required to exchange coins with non-customers and that they could impose deposit limits, so it is best to check this before leaving. Banks no longer have to legally accept old paper notes and coins once they have been withdrawn from circulation. However, some still allow customers to deposit them into their accounts. According to MoneySavingExpert, banks Barclays, Nationwide and Santander allow all customers to deposit the old offer. It confirms that the service is still available during the health crisis and that there are no limits. A spokesman said: “We continue to accept coins and banknotes in our branches. However, to ensure we are adhering to government social distancing guidelines, we are asking members to continue to consider whether a visit to the store is essential at this time.

In the first year in which they were withdrawn from circulation, an estimated 169 million had not yet been registered. What happens to all the old rooms? The old coins are taken to the Royal Mint in Wales, where they are loaded into large containers and spilled into huge ovens and melted. The “safest 12-sided 1-sided coin” went into circulation in March 2017, while the former 1-pound round coin lost its legal tender status in October 2017. Other faulty parts given to sun drives are deformed, with sections bleeding from each other or missing design details.