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10th Jul 2017

Time isn’t running out to spend your old £1 coins, but here’s when you need to do it by

There's no need to panic, but better get it sorted sooner than later

Rich Cooper

The new pound coins are here. We’ve all seen them now. The excitement is over.

Our old friend the round pound is on the way out, slowly being replaced by the new 12-sided coin, brought in by the Royal Mint in attempt to thwart forgers.

Both the pound coins are currently in circulation, but soon the old pound coin will lose its status as legal tender and will be worth no more than the metal it’s printed on, which is definitely a saying that people say all the time.

That said, you don’t need to panic: you’ve got until October 15 2017 to either spend or donate your old pound coins.

Even after October 15, you can still deposit old pound coins at most high street banks, so don’t go getting the fear now.

That said, it’s always better to get things done sooner rather than later.

If, like a lot of us, you’ve got a big jar full of random loose change, it’d be a good idea to dig through it, pull out any old pound coins and go shopping. If, like the rest of us, you spend every pound you get on crap, we can’t see this being much of a problem.

Personally, I’m looking forward to going home and smashing open my piggy bank, because a) I love money, b) I love smashing things and c) it’s not often you actually gain money by smashing things.

Happy days.

For more information on the new pound, hit up the Royal Mint’s website.