Brocker.Org: Smash open your piggy banks — £433 million of pound coins stored at home will become worthless in 2017


The new pound

Royal Mint

LONDON — The govt has urged the British public to raid
their discounts jars forward of the launch of the new pound coin.

Main Secretary to the Treasury David Gauke
declared on Sunday
that the new 12-sided pound coin will
enter circulation 28 March 2017, which means present variations of the
coin will turn out to be worthless on fifteen Oct.

The govt estimates that £1.3 billion ($one.six billion) well worth
of cash are stashed absent in residence piggy banks, close to a third —
or £433 million — of which are pound cash. These will have to be
put in or returned to the bank ahead of they expire as legal tender
by the Oct deadline.

Gauke mentioned: “Our message is distinct: If you have a spherical a single pound
coin sitting at residence or in your wallet, you need to have to commit it or
return it to your bank ahead of fifteen Oct.”

The new pound coin was unveiled in March 2016 and previous Chancellor George Osborne explained it as the
“most safe circulating coin any place in the entire world.”
It is
12-sided and has a hologram-like impression beneath the Queen’s head
which alterations from a ‘£’ image to the selection ‘1’ at different

Additional than one.5 billion new pound cash will be developed by the
Royal Mint in Llantrisant, Wales, at a level of up to two,000 a
moment. Some of the spherical pound cash returned by the public will
be melted down and reused to make the new pound coin.

“This is a historic second as it’s the initially time we have
launched a new £1 coin since 1983, and this a single will be more difficult
to counterfeit than ever ahead of,” Gauke mentioned.