500 Million Pound Coins Need Spending in a Week

By Kim Snaith on at

If you've got old pound coins rattling around in your purse, wallet or trouser pocket, now's the time to dig them out and get them spent. There's a week left until they're no longer legal tender, and the Treasury reckons around £500 million worth of them are still out in the wild.

This Sunday, October 15th, will be the last day you'll be able to spend the old 'round pound' at retailers. After midnight, it'll stop being legal tender so the only way you'll be able to get rid of them is by taking them to the bank. So far, 1.2 billion of the old pounds have been returned to the Treasury, and they're urging the public to dig deep and act fast in returning the bulk of the remaining 500m still on the loose.

Sunday marks the end of a 30-year run for the old pound. The new 12-sided pound coin should prove to be a much more secure form of currency though, being packed with security features to combat fraud and counterfeiting.

Spending £500 million in the space of a week sounds good to me, alas, my purse is empty of any coinage. Get checking your pockets, cubby holes and down the sofa cushions before Sunday, and take yourself out shopping for something nice. [Evening Standard]

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