{"id":2264,"date":"2017-10-11T17:05:49","date_gmt":"2017-10-11T16:05:49","guid":{"rendered":"https:\/\/www.ukbullion.com\/blog\/?p=2264"},"modified":"2019-02-21T13:43:48","modified_gmt":"2019-02-21T13:43:48","slug":"1-coin-go-service","status":"publish","type":"post","link":"https:\/\/www.ukbullion.com\/blog\/1-coin-go-service\/","title":{"rendered":"When Does the \u00a31 Coin Go Out of Service?"},"content":{"rendered":"

On the 15th<\/sup> October, your old round \u00a31 coins will cease to be legal tender<\/a>. In short, that means they will go out of service and no longer be considered official British currency \u2013 at least as far as the Bank of England\u2019s concerned anyway. And you can consider them something of an authority on the matter.<\/p>\n

So if you\u2019ve got any of the old \u00a31 coins still laying around, now\u2019s the time to get spending.<\/p>\n

The old \u00a31 coin<\/h3>\n

The round \u00a31 that we all know has been in circulation since 1983, when it was made by the Royal Mint<\/a> to replace the \u00a31 note. In 2014, the Bank of England estimated that there were about 1,671,000,000<\/a> of these round pounds in circulation, of which about 47 million are believed to be counterfeit.<\/p>\n

So, instead of painstakingly sifting through each and every coin to find the 47 million fake coins, the Bank of England has decided to scrap the whole lot and simply replace them with what they claim is \u2018the most secure circulation coin in the world\u2019<\/a>.<\/p>\n

What does legal tender mean?<\/h3>\n

By definition, money that is considered legal tender must be accepted as valid payment for meeting the balance of an outstanding debt.<\/a> You\u2019re unlikely to be paying off your mortgage in \u00a31 coins any time soon, but debts in this sense also covers exchanges of services or goods for which a payment is expected in return.<\/p>\n

In simple terms, \u2018legal tender\u2019 just refers to what the Bank of England considers to be money and what it doesn\u2019t. So it won\u2019t be illegal to buy or sell something with the old \u00a31 coin, just as it\u2019s not illegal to buy anything with a 1960s shilling, a 1920s sovereign, or even an Anglo-Saxon coin from the 7th Century \u2013<\/a> if you happen to have one to hand. That, as far as the Bank of England is concerned is \u2018a decision between you and the other person involved in the transaction\u2019.<\/p>\n

So how will this affect me?<\/h3>\n

It does mean, however, that your local supermarket or petrol station is unlikely to continue accepting the \u00a31 coins after the 15th<\/sup>. The official terminology is that a business will no longer be obliged<\/em> to accept them after the deadline as the Bank ceases to recognise the coins as legal tender.<\/p>\n

However, your local bank or building society will continue to redeem the old \u00a31 coins for their full value for a short period beyond the 15th. So don\u2019t worry \u2013 if you forget to spend your old \u00a31 coins before the 15th<\/sup>, you won\u2019t have suddenly lost money \u2013 you\u2019ll just have to go through a few more hoops to reclaim their value.<\/p>\n

If the loss of the good old \u00a31 coin is giving you currency nostalgia, then take a look at our range of commemorative gold coins<\/a> and silver coins<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

On the 15th October, your old round \u00a31 coins will cease to be legal tender. In short, that means they will go out of service and no longer be considered official British currency \u2013 at least as far as the Bank of England\u2019s concerned anyway. And you can consider them something of an authority on the matter. So if you\u2019ve got any of the old \u00a31 coins still laying around, now\u2019s the time to get spending. The old \u00a31 coin The round \u00a31 that we all know has been in circulation since 1983, when it was made by the Royal Mint to replace the \u00a31 note. In 2014, the Bank of England estimated that there were about 1,671,000,000 of these round pounds in circulation, of which about 47 million are believed to be counterfeit. So, instead of painstakingly sifting through..<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[273],"tags":[148,315],"yoast_head":"\nWhen Does the \u00a31 Coin Go Out of Service? - UKBullion Blog<\/title>\n<meta name=\"description\" content=\"What happens when the old \u00a31 coin goes out of service? Find out here and what you need to do before then.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Does the \u00a31 Coin Go Out of Service? - UKBullion Blog\" \/>\n<meta property=\"og:description\" content=\"What happens when the old \u00a31 coin goes out of service? 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