No one has forged new £1 coin: min­is­ters hail ‘world’s most se­cure form of cur­rency’

The Daily Telegraph - Your Money - - YOUR MONEY - So­phie Christie

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

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