On the 28 March the new £1 was brought into circulation in the UK. The new coin now has 12 sides and has security features to combat counterfeiting. The old £1 ‘Round Pound’ at midnight from 15 October 2017 will no longer be accepted as legal tender, however you will be able trade in your old coins for new ones at your bank or Post Offices. But we have better ideas!
Why is the £1 coin being replaced?
The current ‘round pound’ is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.
- 2 million counterfeits are removed from circulation every year.
- 1 in 30 £1 coins in circulation are counterfeit.
- 45 million counterfeit £1 coins are currently in circulation
Facts and stats
- The Royal Mint will make over 1.5 billion of the new £1 coins
- Each days production of new £1 coins would be taller than Mount Everest if they were stacked on top of each other.
- The Royal Mint has produced over 2.2 billion round pound coins since 1983 – that’s the same weight as nearly 6,000 elephants.
How you can support The Beatson
Recent government research suggests there is potentially around 300 million old £1 coins in savings jars in piggy banks across the UK. That is definitely a lot of money that can go to a good cause! Here are some examples of how you donating your first new pound or old ‘round pound’ to Beatson Cancer Charity can make a difference.
- If 25 people donated just £1, you could help fund towards an hour complementary therapy for a patient.
- Donating just £1 could go towards providing a complementary tea or coffee to outpatients while they wait on their appointment or during treatment.
- By donating just one £1, old or new – you can add an extra 25p for free through GiftAid. That can go a long way in supporting more patients with cancer.
Why not start collecting today by putting your old £1 coins and popping in your first new pound in our Beatson Cancer Charity Home Money Box? Just contact us here and you will help make a difference to more people facing cancer in the west of Scotland. Find out more about how your donations can make a difference here.
Sources: http://www.royalmint.com/newonepoundcoin http://blogs.ncvo.org.uk/2017/03/24/quick-guide-for-charities-to-the-new-1-coin/