Current UK pound coins will cease being legal tender in October 2017 (the coins that are worth £1)

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If you have UK pound coins, you might want to use them up/cash them in, because they will cease being legal tender in October 2017

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"The U.K. Treasury said Sunday that it will begin circulating its new £1 coin on March 28.
It has also set a mid-October Target for killing off the current version of the coin.
The New Year's Day announcement is the first time the Treasury has laid out an exact timetable for the currency swap.
"This is a historic moment as it's the first time we've introduced a new £1 coin since 1983," said David Gauke, chief secretary to the Treasury.
Britain is switching to a coin with high-tech security features because the current pound coin has been targeted by counterfeiters.
The Royal Mint estimates that 3% of £1 coins in circulation are fakes.
The new 12-sided pound coin will be made with two metals and include a hologram to prevent counterfeits."

http://money.cnn.com/2017/01/01/news/uk-new-pound-coin/index.htm... 

========
The following article contains some images of the new coins:

"Households are being warned to spend or bank all their round pound coins before October, when they will cease to be legal tender.
They will be phased out from March 28, when the new 12-sided £1 coin hits the streets, the Government has announced."

http://www.dailymail.co.uk/money/news/article-4078230/Round-poun... 

=====================================================================================================================

A question:

Are there any ways to get US dollars from a small number of pound coins (such as ten), 
in a non-cosmopolitan place in the middle of the US,
without the entire amount being eaten up by money transfer fees?

===


++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
An update on January 4th: 

Here are some pertinent excerpts from a third newspaper article about the issue --

from the Guardian newspaper
published January 1, 2017:

"Treasury warns £1 coins will have to be returned and exchanged by October 2017....
The government is launching a campaign to encourage the public to return the round coins....
They must be exchanged before 15 October when they will cease to be legal tender.
David Gauke, the chief secretary to the Treasury, said: “...Our message is clear: if you have a round £1 coin you need to spend it or return it to your bank before 15 October.”

source:  https://www.theguardian.com/money/2017/jan/01/new-12-sided-pound...
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

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oppidum said:   If you have UK pound coins, you might want to use them up/cash them in, because they will cease being legal tender in October 2017

=========================
"The U.K. Treasury said Sunday that it will begin circulating its new £1 coin on March 28.
It has also set a mid-October Target for killing off the current version of the coin.
The New Year's Day announcement is the first time the Treasury has laid out an exact timetable for the currency swap.
"This is a historic moment as it's the first time we've introduced a new £1 coin since 1983," said David Gauke, chief secretary to the Treasury.
Britain is switching to a coin with high-tech security features because the current pound coin has been targeted by counterfeiters.
The Royal Mint estimates that 3% of £1 coins in circulation are fakes.
The new 12-sided pound coin will be made with two metals and include a hologram to prevent counterfeits."

http://money.cnn.com/2017/01/01/news/uk-new-pound-coin/index.htm... 

========
The following article contains some images of the new coins:

"Households are being warned to spend or bank all their round pound coins before October, when they will cease to be legal tender.
They will be phased out from March 28, when the new 12-sided £1 coin hits the streets, the Government has announced."

http://www.dailymail.co.uk/money/news/article-4078230/Round-poun... 

=====================================================================================================================

A question:

Are there any ways to get US dollars from a small number of pound coins (such as ten), 
in a non-cosmopolitan place in the middle of the US,
without the entire amount being eaten up by money transfer fees?

===

  Give them to someone you know who is traveling to the UK.  Most currency exchange places wnt nothing to do with coins.

Confusing title.....it should say 1 pound coin, not all UK pound coins.

Will retail banks (eg. PNC Bank) allow depositing of foreign currency? What's their typical exchange fee for doing so?

Or what is the best place to deposit/exchange foreign currency you physically possess? I have quite a bit of UK and Euro notes from past trips/vacations.

ach1199 said:   Confusing title.....it should say 1 pound coin, not all UK pound coins.
It's not that confusing; it's the general way to describe a one-pound coin, as you can see in both the American (CNN) and British (Daily Mail) quotes that I included in the OP. 

When most people say, "pound coin", they realize what is being referred to is the 1-pound coin.  The 2-pound coin is the one that requires the extra descriptor.  British people don't say, "Hand me that pound coin" or "Chuck a pound coin in the busker's hat" when they are referring to a 2-pound coin.

ArmchairArchitect said:   Will retail banks (eg. PNC Bank) allow depositing of foreign currency? What's their typical exchange fee for doing so?
Or what is the best place to deposit/exchange foreign currency you physically possess? I have quite a bit of UK and Euro notes from past trips/vacations.

For paper notes, most US banks should be able to do that -- you can call your local bank(s) to ask.  (They might have information on their websites also, perhaps even a chart of the exchange rates they are offering at that moment.)

If you live in a larger city or near an international airport, there probably would be specialized currency-exchange counters that you could go to, but their rates probably would not be as good as a major banks' rates.

The foreign exchange company at the airport that I live nearest to (which is 80 miles away, and which I have no plans to visit any time soon) does take UK coins. It's just that it wouldn't be worthwhile for me to drive there to exchange only 10 or 20 pound coins.

...In the past on FW, we've talked about how to get rid of foreign coins in the US. I'll have to find those threads.

One option is to donate them in the charity coin collections on flights that airlines sometimes conduct, because they will take any currency.

Usually when any paper currency is updated in UK, the old one will transition for a period of time (in this case March to October). After the transition period, stores and individuals stop accepting the tender. Local banks will continue to accept the old tender beyond the transition period.

The website from the Royal Mint decribes this about the use of the coin after October:

"16 October 2017 onwards
Demonetisation
All your coin handling equipment should be able to accept the new £1 coin.
You are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
The round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office*
*check with your bank for more details, including deposit limits.


Link to source

shadyj said:   "16 October 2017 onwards...
The round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office"

In the UK, people with UK bank accounts might be able to deposit the old one-pound coin into their own account at their UK bank after October 2017,

but people who are not living in the UK and who do not have UK bank accounts should definitely get rid of this coin, if they have any of them, before October 2017.

I have a sandwich bag full of UK coins. I end up bringing change home from trips, but never schlep it back. The coins will still have some sort of collectible value, but won't work at stores.  I do have a UK bank account.  I'm unsure of how practical it would be to mail my branch a bag of coins to deposit.

The Queen recently hasn't been feeling well.  If she dies then a lot of coins and bills will be changing.

I have always gone and asked the teller to exchange.
oppidum said:   
shadyj said:   "16 October 2017 onwards...
The round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office"

In the UK, people with UK bank accounts might be able to deposit the old one-pound coin into their own account at their UK bank after October 2017,

but people who are not living in the UK and who do not have UK bank accounts should definitely get rid of this coin, if they have any of them, before October 2017.

  

burgerwars said:   The Queen recently hasn't been feeling well.  If she dies then a lot of coins and bills will be changing.
 

 Surely they wouldn't re-mint everything right away, and would accept all the current currency (most of which is quite new in design and production) as legal tender for several years.

oppidum said:   
burgerwars said:   The Queen recently hasn't been feeling well.  If she dies then a lot of coins and bills will be changing.
 Surely they wouldn't re-mint everything right away, and would accept all the current currency (most of which is quite new in design and production) as legal tender for several years.

Don't forget, this is the same country that wanted to distribute commemorative coins, but didn't want to accept them when people actually spent them or tried to cash them in.
http://www.telegraph.co.uk/finance/personalfinance/11001196/Bank-sold-us-5-coins-that-arent-worth-a-penny.html
The US has maintained a reputation for accepting any coin it ever issued that it seems so weird for a country to treat their own coins this way.

Round pound coins will cease.... 
If I read this right UK is making round coins that are worth £1 worthless by 10.2017.

FN outrageous to give less than 10 years notice of this. Another disgusting fascist move by a 1st world country.

it's hilarious to see people taking the word of the Daily Mail as gospel ... I saw last week in the National Enquirer that Elvis is alive and working in a diner in Kansas, that must be true too.
If you look at the facts on a UK government website it says the following:
16 October 2017 onwards
Demonetisation

all your coin handling equipment should be able to accept the new £1 coin.
you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
the round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office

And to think I can still get Susan B Anthony dollar coins from the change machine at work.

Too bad... I have to say that the old One Pound coin was one of my favorites... small, thick, weighty... always thought it was a great form factor. The new coin does look pretty cool though.

Went through my ziploc bags of foreign coins and found three of them... will send them to Scotland with my parents when they travel this summer.

texasbrit said:   it's hilarious to see people taking the word of the Daily Mail as gospel ... I saw last week in the National Enquirer that Elvis is alive and working in a diner in Kansas, that must be true too.

If you look at the facts on a UK government website it says the following:
16 October 2017 onwards
Demonetisation
all your coin handling equipment should be able to accept the new £1 coin.
you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
the round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office


- The Daily Mail is a mid-market, normal paper that has one of the biggest distributions in the UK, and it is not a crazy, made-up tabloid like the National Enquirer. They have won "paper of the year" by their industry association a few times. A few months ago I copied and pasted on FW some praise for them from Alan Rusbridger, former editor of the Guardian.
It may be somewhat trendy to be terribly snotty about the Daily Mail, but there isn't as much ground for that attitude as some people seem to think there is.

.
- Anyway, no one is taking the Daily Mail as "gospel" about this matter.

In your rush to criticize the second source I mentioned, which I specifically said in the original post that I was listing for the purpose of SHOWING PEOPLE AN IMAGE OF THE NEW COINS,
and in your rush to quote something from the UK Government website -- which actually had already been quoted in this short thread by "shadyj" just a few posts before yours --
you may not have noticed that the first article I quoted from was from CNN, the American television news organization.

.
- What I said in the original post is entirely true -- your post does not disprove anything that I have written in this thread.

.
- As is usual for Fatwallet (which is an American website about American deals, coupons, and topics of a financial nature), in my thread I intended to mainly address the non-British people, particularly the Americans, who are in the Fatwallet community.

The non-British people in the Fatwallet community, except for a few people like myself and "BurgerWars", do NOT have a British bank account and do not regularly visit the UK such that they can stroll into a British bank branch after October 2017 and deposit old pound coins into their own pound-denominated accounts.

If you think that Americans or other non-Brits who do not have UK-based bank accounts in their own names can use the old pound coins after October 2017 in any way, please show your "facts" about that here.

.
- Maybe you can inform the Guardian newspaper,
and while you are at it you might also tell the chief secretary to the Treasury,
that they have got their information TOTALLY wrong,
since they recently published the following on January 1st:

"Treasury warns £1 coins will have to be returned and exchanged by October 2017....
The government is launching a campaign to encourage the public to return the round coins....
They must be exchanged before 15 October when they will cease to be legal tender.
David Gauke, the chief secretary to the Treasury, said: “...Our message is clear: if you have a round £1 coin you need to spend it or return it to your bank before 15 October.”

source:  https://www.theguardian.com/money/2017/jan/01/new-12-sided-pound-coins-royal-mint-currency 

BigFatCat said:   I have to say that the old One Pound coin was one of my favorites... small, thick, weighty... always thought it was a great form factor.
 

I agree! 
It's really substantial and quietly authoritative.
Nothing flashy, just heavy and decent and practical.
I will miss the round £1!  

gatzdon said:   
Don't forget, this is the same country that wanted to distribute commemorative coins, but didn't want to accept them when people actually spent them or tried to cash them in.
http://www.telegraph.co.uk/finance/personalfinance/11001196/Bank-sold-us-5-coins-that-arent-worth-a-penny.html 
The US has maintained a reputation for accepting any coin it ever issued that it seems so weird for a country to treat their own coins this way.

 
The article doesn't say that the country won't take them back, it is that most banks don't want to deal with the hassle. I have no doubt the same thing would happen here if you tried to deposit some of the random things that our mint has issued.



In your rush to criticize ....

oppidum, I agree I was in rush to criticize and didn't research properly. I saw a red mist when I read the post from zapjb calling my native land "fascist".
Although we will not see eye-to-eye about the Daily Mail, I would like to offer my apologies for a misinformed response, and thanks for your original post.

Please accept a "virtual handshake" for my mistake.

All that effort for a 3% counterfeit issue? Wonder what the overall average is?
I mean 3% of a one pound coin needs a new 12 angle fix? Wonder what the counterfeit rate on a 5 pound notes are?

Californiadeal said:   All that effort for a 3% counterfeit issue? Wonder what the overall average is?
I mean 3% of a one pound coin needs a new 12 angle fix? Wonder what the counterfeit rate on a 5 pound notes are?

  
My guess is there is a different issue involved -- old machines, worn dies, or the new coin is much cheaper to produce.  That is usually what drives new coinage.

When I read a 12 sided coin, I was excited to think it was like a 12 sided die AND it had a HOLOGRAM?! WTF!

Alas, it's just a coin with flat edges on it. Lame.

I thought a coin only has two sides.
With 12 sides will people be asked to choose between 12 sides when tossing a coin for tennis or cricket?
What am I missing here?

I have few of these coins but I am keeping them along with my pre-euro coins from visit to various European countries.

oppidum said:   
texasbrit said:   it's hilarious to see people taking the word of the Daily Mail as gospel ...
...
 


- The Daily Mail is a mid-market, normal paper that has one of the biggest distributions in the UK, and it is not a crazy, made-up tabloid like the National Enquirer. They have won "paper of the year" by their industry association a few times. A few months ago I copied and pasted on FW some praise for them from Alan Rusbridger, former editor of the Guardian.
It may be somewhat trendy to be terribly snotty about the Daily Mail, but there isn't as much ground for that attitude as some people seem to think there is.
...


  
I think the pictures of Kyle Jenner's ass plastered all over the front page of dailymail.co.uk website might cause the confusion for us foreigners about the quality of journalism from the paper.    It doesn't work that way in the US.   If a US paper has sensationalist gossip and half naked reality stars all over the cover then that is a sure sign that its not a high quality news source.    
 

jerosen said:   I think the pictures of Kyle Jenner's ass plastered all over the front page of dailymail.co.uk website might cause the confusion for us foreigners about the quality of journalism from the paper.    It doesn't work that way in the US.   If a US paper has sensationalist gossip and half naked reality stars all over the cover then that is a sure sign that its not a high quality news source.    
  
To give them credit at least it is not a medium I have to LISTEN to her -- its a very nice ass without the voice and personality.  
PhDeez said: When I read a 12 sided coin, I was excited to think it was like a 12 sided die AND it had a HOLOGRAM?! WTF!

Alas, it's just a coin with flat edges on it. Lame.


LOL, no offering to roll the shopkeeper double of nothing for the coin.  You still have to buy your D12s with the rest of us geeks!   

They don't change the currency just because the monarch dies. The new run of print will change but thats it

Daily Mail is a Rag

Text

Looks like the old Three pence piece....

About my earlier post. My sincerest apologies I was not singling out the UK. I should have picked my words more carefully.


Now OT.
PhDeez said:   When I read a 12 sided coin, I was excited to think it was like a 12 sided die AND it had a HOLOGRAM?! WTF!

Alas, it's just a coin with flat edges on it. Lame.

  LOL. I thought the same thing when Pokémon GO was announced. I heard on the news something like new or specialized phones are required. I'm like huh what are they talking about? So I read an official Pokémon GO blurb an early version of this Pokémon GO 
"Travel between the real world and the virtual world of Pokémon with Pokémon GO for iPhone and Android devices. With Pokémon GO, you’ll discover Pokémon in a whole new world—your own! Pokémon GO is built on Niantic’s Real World Gaming Platform and will use real locations to encourage players to search far and wide in the real world to discover Pokémon. Pokémon GO allows you to find and catch more than a hundred species of Pokémon as you explore your surroundings....."

 Awesome phones that project holograms! Jeez if these phones can project holograms of news, sports etc. I'm going to get one. They lied!!! I felt cheated. LOL

The pound is my favorite coin, like others above have said. Anyone think these will be cheap on eBay after Oct? I wonder if their value will increase or decrease...

I saw the title and thought to myself, "Yes! They're finally getting rid of the stupid 1 pound coin! Hopefully Canada is next!"

Nope.

I don't care that a coin lasts longer than paper. I'm a man and don't carry a purse so getting 4 pounds/CAD in COINS sucks balls. We need to start getting rid of coins (I'm looking at you penny) rather than making more.


Californiadeal said:   All that effort for a 3% counterfeit issue? 
  
It was less than 1% in 2003, so this was a growing concern. And even though 3% sounds low, it only takes a small percentage of fakes for people to lose faith in currency.
And to top it all off, many think the actual rate is double the mint estimate



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