The deadline day to trade in your Round £1 coins has now been and gone yet it’s estimated that there’s still over 450 million coins in circulation.
However, don’t panic if you didn’t have time to return them to the bank or have found some in a forgotten piggybank, there’s a number of options for you.
Here’s a list of five things you can do with your old Round Pounds to ensure that you don’t lose out:
1. Check if your coin is rare
If you find a Round Pound, the first thing to do is check to see if it’s rare. The most accurate way to determine the rarity of a circulation coin is our Scarcity Index.
From our experience we know that the rarer a coin is, the more desirable it becomes to collectors.
Although they are unlikely to make you rich overnight, some of the rarest circulation £1 coins currently sell for up to £20 on eBay. We’d also expect this to increase slightly now the coins have been withdrawn from circulation.
2. Donate your coin to The RBL Poppy Appeal
The Royal British Legion have announced that this year they’ll be accepting donated old pounds for the duration of their Poppy Appeal.
You can support the Armed Forces community by donating your coins right up until Remembrance Sunday which falls on the 12th November.
3. Return your coin to the bank
You can still deposit your Round Pounds at high street banks but you’ll need to be quick as this is only a temporary measure and at the bank’s discretion.
4. Spend your coin
A number of retailers have announced that they’ll continue to accept the Round Pound even though it is officially no longer legal tender.
Tesco and Poundland have agreed to continue accepting the Round Pound; Tesco for an extra week and Poundland until the 31st October.
The Federation of Small Businesses has also advised its members to continue accepting the round coins to provide a “useful community service” to customers.
5. Swap your coin using the Change Checker Swap Centre
Now that an estimated 1.2 billion Round Pounds have been withdrawn from circulation by the Royal Mint, not forgetting the many thousands that have been added to private collections, it’s become increasingly difficult for collectors to complete their Round Pound sets.
If you find a Round Pound which you do not need, why not list it as available to swap on our Swap Centre? It may well be that it is the exact coin somebody is looking for.
There is only one month left until the Round £1 coins are demonetised and the public, now more than ever, are being encouraged to spend or return their coins to the banks.
However, there’s a few coins you definitely shouldn’t be cashing in. Here are the ones to look out for:
Scotland: Edinburgh City
The Edinburgh City £1 coin was released in 2011 with a mintage of just 935,000, making it the lowest Round Pound by 680,000!
Taking this into account, there’s no real surprise that this coin sits top of our Scarcity Index with a perfect score of 100.
Such is the rarity, only 17% of Change Checker users list having this coin in their collection.
This coin currently sells for between £12-£16.
Wales: Cardiff City
Another of the capital cities series, the Cardiff City £1 coin is definitely one to keep.
This coin depicts the circular Coat of Arms of Cardiff as the principal focus to represent Wales.
This coin is worth between £11-£15.
England: London City
The 3rd coin from the capital cities series that you should hold on to is the London City £1 coin. Interestingly, the Belfast City coin does not make our list.
Released in 2010, this coin has a mintage of 2,635,000, much higher than Edinburgh and Cardiff but low in comparison to other £1 coins.
London City scores an impressive 77/100 in our Scarcity Index.
This coin can sell for between £5-£8.
Scotland: Thistle and Bluebell
The Thistle and Bluebell £1 coin was released in 2014 as part of the floral emblems series.
This coin features a thistle alongside a bluebell to represent Scotland.
This is worth between £3-£5.
UK: Crowned Shield
The UK Crowned Shield £1 coin was released way back in 1988, only 5 years after the Round £1 came into circulation.
Although it has a relatively low mintage figure of 7,118,825, this coin makes the list due to some interesting Change Checker App data.
It scores a 51 in our Scarcity Index but less than 1/4 of Change Checker users list having this coin in their collection and swap requests outnumber swap listings by 6 to 1!
This coin will sell for between £3-£5.50.
It’s worth noting that our valuations are based on coins that have recently sold on auction sites. The value of a coin depends on a number of factors including the coin’s condition.
With 2 new coin releases, the launch of a new UK banknote, our first ever Live Coin Swap and our first Scarcity Index quarterly update– July was a very busy month!
Watch as Yasmin and Luke discuss all the latest change collecting news: