Old pound coins are not legal tender as of today. The circulation deadline for the coin has finally come. Should you spend yours, or should you save it, in the hopes it might be valuable?
Royal Mint said they would “encourage people to use coins or return them to your bank” before today, which seems to suggest the coins will not retain much value.
However, are you throwing away a potential fortune by spending your old one pound coin?
The old pound coin had 24 different designs over the years, some of which are rare.
The rarest of these coins are four, released in a series to celebrate the capital city of each country in Great Britain.
Capital city coins were released in 2010, and one collector revealed online they could sell for up to £30. However, this sum may increase as the coins become rare, once they have fallen out of circulation.
Edinburgh was the rarest round pound in circulation, with just 935,000 around the country.
2011’s Cardiff design was the second most valuable, with 1,615,000 minted, while the 2010 London design is the third rarest with 2,635,000 made.
However, a full set of the coins is currently for sale on eBay for £300.
Other pound coins that it might be worthwhile holding on to include the Thistle and Bluebell Coin, which has a floral design, released in 2014.
The coin has a mintage of only 5,185,000 and is worth between £3 to £5 currently, but might be worth more in the future.
The same can be said for the Crowned Shield £1 Coin, released in 1988. A set of all 24 old pound coin designs has even listed on eBay for £69.99.
The tender will have its legal status withdrawn at midnight tonight, so if you choose to spend the coin you have limited time to do so.
However, after this date you can still take the old pounds to the bank or Post Office to exchange them for new coins.
Do you know how to spot the new £1 coins which could be worth a lot of money?
Coins with these errors on them are selling for as much as £10,000 online.