£1 coins

    Can anyone tell me i am doing the one 1p saving challange but starting backwards so near Christmas we don't have to put so much in a day, we will be putting in £1 coins an won't be opening the jar until December with the new coin coming in September will I still be able to change these at a bank in December?


    As I understand it, no. We've got until October to spend them and/or pay them in at a bank.

    No longer tender in October


    You need to pay them in at the bank when it gets past October, as the shops will no longer accept them.

    I'm sure you'll be fine. Banks still take the old £1 notes and all old notes/coins so can't see why the £1 will be different.
    Not being legal tender just means retailers/people can refuse them.
    Edited by: "A2DY_" 2nd Jan

    I think the banks will still accept them but they will no longer be accepted by shops

    Save in a non-sealed tin till the new coin arrives then change up the old ones for notes and start your sealed tin...

    no, after October the only place that will accept them is the bank of England in london, NOT your local bank, it is not the same as with bank notes.

    What should I do with my existing £1 coins after legal tender status is removed?

    Following demonetisation, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most High Street Banks including RBS, NatWest, Ulster, HSBC, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Halifax, Bank of Scotland and The Post Office.

    It may be possible to exchange £1 coins at these banks and the Post Office 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. <<<<<<<<<<<<<<<<<<<<

    The old ten pound notes have not been legal tender for years, but my friend found £80 worth while moving house a couple of weeks ago.He was allowed to pay them in at his local bank, but was not allowed to exchange them.He paid them into his account, walked outside and drew £80 out using his card in a cash machine.

    Original Poster

    Thanks think I will check with my bank an if they say no then I will open it end of September change it for notes then carry on saving.

    coins are not classed the same as notes so will be worthless after october

    I think the main problem with £1 coins is the amount of fake coins in the system, will have to make sure you only accept real £1 coins in change in the coming months.
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