Brits sitting on £420m worth of soon-to-be useless money

Brits sitting on £420m worth of soon-to-be useless money

With the new 12-sided £1 coins arriving in our purses, Gocompare is warning Brits to use up their old coins - or lose them.

Quids in

Nearly half of us have £1 coins lying around the house and in our cars - adding up to a staggering £420m. And those who don’t round-up up their old £1 coins, could lose an average of £17.55 each when the currency becomes worthless in a few months’ time.

Check the sofa

As for where you should be checking, says the comparison website, 18 per cent of us have £1 coins in pots of loose change lying around their home and 13 per cent say their children and grandchildren keep £1 coins in their piggy banks.

Seventeen per cent keep £1 coins in their car to use in supermarket trolleys, and 15 per cent of people keep £1 coins in the glove box of their car to pay for parking. Fourteen per cent say they have pound coins down the back of the sofa!

All change

To allow for the change, from the end of March to mid-October both the old and new £1 coins will be in circulation at the same time and will be accepted by shops and banks. After October 15, the old £1 coins will no-longer be legal tender.  

So find those coins before the cut-off date so you’re not left out of pocket!