No one has forged new £1 coin: ministers hail ‘world’s most secure form of currency’
The new 12-sided £1 coin has been hailed as the most secure coin in the world, and has not yet been forged. Andrew Jones, the Exchequer Secretary to the Treasury, said it was the most secure form of currency, as he marked a significant milestone in the coin’s introduction.
There are now more new pound coins in circulation than their round predecessor – a coin that had become an easy target for counterfeiters.
Mr Jones said 3pc of all the old coins were counterfeit, amounting to £50m of fake currency. Britons are being urged to hand in their old pound coins before they cease to be legal tender from October 15. March to September is known as the “co-circulation” period, during which both old and new £1 coins can be accepted in shops.
Any unspent £1 coins after October 15 can be traded in at the bank, but this is only a temporary option – so it is a good idea to spend or exchange the coins now to avoid not being able to in future.
From midnight on October 15, businesses are under no obligation to accept the round £1 coin from customers, so the best thing to do is take any old pound coins to a bank or the Post Office, if you have an account with them. To ensure you don’t waste a trip, call your bank first to check whether they are accepting the old pound coins.
A spokesman for the Royal Mint said: “Following the ending of legal tender status, the round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most high-street banks… provided you hold an account with them. Specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly.” Royal Arms. But there are some designs that are much rarer than others, making them valuable to collectors.
The rarest old £1 coin is known as the Edinburgh City 2011 £1, which has previously sold for up to £35 on eBay.
Other rare pound coins include the 2011 Cardiff City coin and the London City 2010 coin. If you have one of these, it might be worth trying to sell it on eBay first, rather than trading it in at the bank.
Cash in: the new £1 coin launched in March