The original, round £1 coin was introduced in 1983, replacing the old £1 note. But, since 2017, these old coins have been taken out of circulation.
They were replaced by the new 12-sided £1 coin in March 2017. The new coin has a range of anti-counterfeiting measures included – both overt and covert – that make it one of the most secure coins in the world, according to the Royal Mint.
The first £1 coins to feature King Charles III entered circulation in 2024, with almost three million making their way around the UK.
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In the years since the new style coins were introduced, most round £1 coins have been taken out of circulation, melted down, and turned into the new style £1 coins.
How many old £1 coins are there?
There are approximately 70 million old £1 coins still in the pockets (and backs of sofas) of Brits around the country, according to the Royal Mint.
While this may sound like there are still lots out there, the number pales in comparison to the amount of old £1 coins that have been returned.
The latest data shows that more than 1.6 billion old £1 coins were taken out of circulation and returned to the Royal Mint, meaning around 4.1% of all old £1 coins are still out there.
Some of these coins could be rare, and therefore worth much more than their face value. Be careful of "rare" coins on online marketplaces – a coin listed for a high price might not necessarily be worth that much.
What to do with old £1 coins
If you have an old £1 coin, you will not be able to use it to pay for goods or services as it has been demonetised since 2017. However, you may be able to exchange it for a new £1 coin.
The Royal Mint says that most high street banks are typically willing to accept demonetised coins (like the old, round £1 coin) and exchange them for a new coin. Some larger Post Office branches are usually willing to do this too.
Retail banks which say they accept old coins include: Barclays, Lloyds, HSBC, Nationwide, Santander, and Virgin Money. You cannot exchange old coins at the Bank of England.
Banks and Post Office branches are under absolutely no legal obligation to exchange old £1 coins with new ones, meaning it is up to their own discretion whether they do so.
For more information on what to do with old notes, read our article on ‘What to do with old £20 notes – how to exchange them’.
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