Brandon Lee
The British one-pound coin has been in circulation since 1983, with the original round coin being replaced by a 12-sided version in 2017. The old pound coin was withdrawn due to its high susceptibility to counterfeiting, with one in every 30 coins believed to be fake. While the old pound coin is no longer legal tender, some banks and financial institutions in the UK may still accept them for deposit or exchange. Policies vary between banks, and it is at their discretion whether to accept the old coins.
| Characteristics | Values |
|---|---|
| Old £1 coins still accepted by banks | Yes, but at the bank's discretion. Banks may allow customers to deposit old £1 coins into their bank accounts or exchange them for new ones. |
| Old £1 coins still accepted as legal tender | No, the old £1 coin is no longer legal tender as of 15 October 2017. |
| Old £1 coins can be exchanged at the Post Office | No, but the Post Office allows anyone to deposit old coins into their high-street bank account at their local branch. |
| Old £1 coins can be exchanged at the Bank of England | Yes, any note or coin that has been in legal UK circulation can be swapped for one of an equivalent value. |
| Old £1 coins still accepted by shops | Some small shops may still accept old £1 coins, but this is not guaranteed. |
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What You'll Learn
Banks' policies on accepting old pound coins
Banks are not legally obliged to accept old £1 coins, as they are no longer legal tender. However, some banks may still allow customers to deposit these coins into their accounts or exchange them for new ones. The policies of different banks vary, and it is recommended to contact your bank to confirm their specific rules.
For example, Barclays allows customers to exchange old coins in its branches, with amounts up to and including £100. If the amount exceeds £100, the excess amount will need to be deposited into the customer's bank account. Lloyds Banking Group, which includes Lloyds Bank, Bank of Scotland, and Halifax, has no plans to stop accepting old £1 coins. Customers can deposit these coins into their accounts or swap them for new ones. HSBC and Nationwide also allow customers to deposit old coins into their accounts, but Nationwide accepts deposits from existing customers only.
It is worth noting that the old round £1 coin, which had been in circulation since 1983 or 1984, was replaced by a new 12-sided, bimetallic £1 coin in 2017 due to concerns over counterfeiting. The old coin was one of the most counterfeited coins globally, with one in 30 coins believed to be fake. The new coin features enhanced security measures, including a hologram-like image that switches between a £ symbol and the number 1 when viewed from different angles.
While banks may accept old £1 coins, it is important to be aware that they are no longer accepted in shops or by the Post Office for exchange. The Federation of Small Businesses advised its members to continue accepting the old coins after the deadline of 15 October 2017 to provide a "useful community service," but this was not a mandatory requirement.
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Post offices exchanging old pound coins
Although some banks still accept old £1 coins, it is at their discretion as these coins are no longer legal tender. However, post offices have been known to accept old £1 coins and transfer them to a bank account. Some post offices may only accept old £20 and £50 notes, while others may also take £5 coins. The Post Office website provides a branch finder tool to locate the nearest branch that offers this service.
According to the Post Office website, you can exchange up to £300 of paper banknotes in any £5, £10, £20, and £50 denominations of the last series at participating branches within any two-year period. You will need to bring your banknotes and photo ID to a participating branch. The Post Office will accept most old notes as a deposit into any UK bank account you can access with them. There are also 50 Post Office branches across the UK that will swap old banknotes, even if you do not have a bank account.
The old, round £1 coin was introduced in 1983 and was replaced by a new 12-sided, bimetallic pound coin on 28 March 2017. Both new and old versions of the one-pound coin circulated together until the older version was withdrawn.
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Old pound coins as legal tender
The old £1 coin was introduced in 1983 and replaced the Bank of England £1 note. The original coin was round and was replaced by a 12-sided, bimetallic version in March 2017. The new coin was introduced to tackle counterfeiting, as the old pound coin was one of the most counterfeited coins globally, with one in 30 believed to be fake.
The old pound coin ceased to be legal tender on 15 October 2017, and shops stopped accepting it from 16 October 2017. However, some small shops continued to accept the old coins to provide a "useful community service" to customers.
While the old pound coin is no longer legal tender, some banks still allow customers to deposit them into their accounts or exchange them for new coins. For example, Barclays allows customers to exchange old coins up to £100 in value, while Lloyds Banking Group has no plans to stop accepting old £1 coins and will deposit them into customers' accounts or swap them for new coins. The Post Office also allows people to deposit old coins into their high-street bank accounts at their local branch.
Any note or coin that has been in legal UK circulation can be swapped for one of an equivalent value at the Bank of England.
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Counterfeit old pound coins
The round £1 coin, which was first issued in 1983, was one of the oldest British coins in circulation. However, over time, it became increasingly vulnerable to counterfeiting, which imposed significant costs on the industry, the general public, taxpayers, and society as a whole.
Coin testing companies and the Mint itself have estimated the proportion of counterfeit £1 coins in circulation at various points in time. In 2008, the highest levels of counterfeits were found in Northern Ireland (3.6%) and South East England and London (2.97%), with the lowest in North West England. In 2009, coin testing companies estimated the actual figure to be about twice the Mint's estimate, suggesting that the Mint may have been underplaying the figures to maintain confidence in the coin. In 2011, a BBC television programme, Fake Britain, withdrew 1,000 £1 coins from each of five major banks and found that each batch contained between 32 and 38 counterfeits. The Mint estimated that about 3.1% of £1 coins were counterfeit that year. In May 2015, the rate of counterfeit £1 coins in circulation was estimated to be 2.55%, down from 3.03% in May 2014.
Some counterfeit coins were of poor quality, with visible differences such as lacking intricate details, having poorly produced edges or markings, or being made of unusual materials like lead or plastic. However, many better counterfeits could only be detected by comparing the orientation of the obverse and reverse, which should match in genuine modern UK coins.
To combat counterfeiting, a new 12-sided £1 coin was introduced into circulation on 28 March 2017, with both new and old versions of the coin being accepted until the old version lost its legal tender status on 15 October 2017. The new coin features an undisclosed hidden security feature called "iSIS" (Integrated Secure Identification Systems), making it much more difficult to counterfeit.
It is illegal to knowingly pass on counterfeit currency. The official advice is to hand it over to the police, who will investigate its origin.
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Differences between old and new pound coins
The British one-pound coin has undergone several changes since its introduction in 1983. The original, round £1 coin was thicker and had a distinct "yellow" colour, making it easily identifiable from other coins in circulation. However, over time, concerns arose about counterfeiting, leading to the introduction of a new 12-sided design in 2017.
The new £1 coin features a dodecagonal (12-sided) shape and is bimetallic, similar to most £2 coins. This design was chosen through a public competition won by 15-year-old David Pearce from Walsall. The design includes a rose, leek, thistle, and shamrock bound by a crown, representing the four constituent parts of the United Kingdom: Scotland, Wales, Northern Ireland, and England.
The new coin also incorporates an undisclosed hidden security feature called "iSIS" (Integrated Secure Identification Systems). This feature is believed to be a code embedded in the top metal layer, only visible under specific ultraviolet light. The introduction of the new coin was intended to make counterfeiting more challenging and enhance the security of the currency.
While the old, round £1 coin lost its legal tender status in October 2017, some banks and financial institutions may still accept them for deposit or exchange. It is recommended to contact your bank for specific information regarding their policies on returning old coins.
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Frequently asked questions
Banks are not under any legal obligation to accept old pound coins as they are no longer legal tender. However, some banks may still allow you to deposit them into your account or exchange them for new coins. It is best to contact your bank to understand their specific policies.
Old pound coins refer to the original, round £1 coins that were introduced in the UK in 1983 or 1984. They were replaced by a new 12-sided, bimetallic £1 coin in 2017 to combat counterfeiting issues.
In addition to banks, some shops, particularly small businesses, may have accepted old pound coins for a period of time after the new coins were introduced. The Post Office also allowed individuals to deposit old coins into their high-street bank accounts.
Old pound coins are no longer accepted as legal tender in shops. However, any note or coin that has been in legal UK circulation can be swapped for one of an equivalent value at the Bank of England.
