It's time to find your old pound coins before they expire!

It's time to find your old pound coins before they expire!
£1 old coin.jpg

It’s time to raid your piggy banks, search gloveboxes and get your hands down the back of the sofa as the deadline for using the old pounds fast approaches. You have until October 15 when the round £1 coins cease to be legal tender and shops and businesses stop accepting them as payment.

 The new 12-sided £1 coin entered circulation in March

The new 12-sided £1 coin entered circulation in March

What should you do with old coins?

The new 12-sided £1 coins entered into UK circulation in March 2017, and over the last six months both the old and new £1 coins have been legal tender. But now you need to round-up their old coins and either use them, or exchange them at a bank or the Post Office.

However, discount store Poundland announced on October 8, it will continue to let customers use the old coins and trade assocation, the Federation of Small Businesses which represents 170,000 small shops has advised its members to continue taking the coins to provide a "useful community service" to customers.

However, the Royal Mint and the Treasury are understood to want to a clean break to avoid a messy transition.

"Already over a billion of the 1.7 billion have been returned since the new 12-sided bimetallic £1 coin was introduced back in March over forgery concerns, with the Royal Mint estimating one in 30 round pounds was a fake," explains Georgie Frost, head of consumer affairs at GoCompare.

But there are still plenty more to be found, with more than £420m worth of old coins rattling round the UK.

 Get the children to check their piggy banks!

Get the children to check their piggy banks!

Where to search for old pound coins

If you're wondering where to start searching, most of them are in coin jars where 36% of UK adults say they store them. And it's worth checking your car too as 32% of us Brits keep coins there for supermarket trolleys and parking.

Get the kids involved as well - 13% of the population say their old pound coins are kept in their children's piggy banks. Be sure to look in old coat pockets and down the back of your sofa, too!

Where to donate your old pound coins

Alternatively, you could always donate your old pounds to charity. There are some who are accepting old pounds such as the Rainbow Trust and Epilepsy Action.