All change with the one pound coins soon enough, the exact date is Sunday 15th October 2017 and on that day the old one pound coins will no longer be legal tender so please don’t expect us at Silly Billy’s Toy Shop to be taking the £1 coins on that day.
Why was the old £1 coin changed ?
Over the past 30 years, the old round coin has grown increasingly vulnerable to counterfeiters – in fact, the Royal Mint states one in 30 £1 coins is fake, quite a large amount really.
For twenty of those thirty years Silly Billy’s Toy Shop has been handling the old pound coins.
So it was time for a change. The new £1 is thinner, lighter and larger and includes a hologram-like image which alternates between ‘£’ and ‘1’ when seen from different angles, you will no doubt have already seen this on the new £1 coins that have been available since March this year (2017). There is also a secret high-security feature built into the coin itself – which will, so they say, protect the coin from counterfeiting. That’s the idea anyway.
So just like with the old £5 note we are giving our customers plenty of notice, for the next two weeks we will happily take your old £1 coins, though not the counterfeit ones, we know how to tell these apart.
How Much is an Original Pound Coin Worth today ?
SINCE the original £1 coin was first minted in 1983, inflation has wiped away two-thirds of its value in real terms, according to recent analysis by M&G Investments. Pretty crazy really. M&G Investments said when the eroding impact of inflation is taken into account, a £1 coin left sitting in a piggy bank since 1983 would be worth around 32p.
M&G Investments also worked out that if £1 had been put in a cash savings account in 1983, it could now be worth around £1.33 in real terms.
If the same £1 had been invested in stocks and shares, its real value could now be around £11.66 (who says gambling doesn’t pay?)
All of this aside, put the date in your diary and make sure you have no old round £1 coins kicking around in any children’s piggy banks or other places and that they have all been spent by Saturday 14th October 2017. Ideally, come and spend your old and new pound coins with us here at Silly Billy’s in Hebden Bridge
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