Old round £1 coins can still be deposited into a personal bank account at many Post Office branches, even though they are no longer legal tender. While high street banks often refuse them, the Post Office generally accepts them for deposit. They cannot be used for direct, over-the-counter exchanges.
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.
The simple answer is no. High street banks often refuse to accept round £1 coins for exchange or deposit. They will only process legal tender coins, and round pounds are now considered obsolete. This has left millions of coins sitting in homes, shops, supermarkets, and charities across the UK.
What can you do with old pound coins and notes?
The following are NOT legal tender coins in the UK:
The Post Office Opens in a new window will accept most old notes as a deposit into any UK bank account you can access with them. There are also 53 Post Office branches across the UK that will swap old banknotes, even if you do not have a bank account.
Most high-street banks in the United Kingdom are willing to accept demonetised coins from their customers. Larger Post Office branches are usually willing to accept demonetised coins in exchange for goods and services. Please be aware, however, they are under no legal obligation to do so.
Do Banks Still Take Old £1 Coins? Some banks may still accept old £1 coins, but this is often limited to: Account holders only – you usually need to be an existing customer. Branch discretion – not all branches are willing to take old £1 coins.
Got leftover foreign coins or banknotes at home? At Cash4Coins, we make it simple to exchange foreign coins and notes for real money. We accept every currency—including obsolete, pre-Euro, and withdrawn coins that banks won't touch—and provide direct payment to your bank account once counted.
If your coins were minted before 1947, it might be more than you think. In the past, British coins were made of precious metals like gold and silver. This means that old money can be worth much more than its face value.
Can Banks Exchange Old £1 Coins? Yes – but only in small amounts. Some UK banks and building societies may still exchange a limited number of old £1 coins as a goodwill service, especially if you are a customer.
Banknotes that feature the portrait of Her late Majesty, Queen Elizabeth II remain legal tender and are co-circulating alongside King Charles III notes. New banknotes will only be printed to replace those that are worn or damaged to meet any overall increase in demand for banknotes.
And people can deposit them into their bank account.” The Post Office cannot exchange old coins for cash. They must be deposited into a participating bank account.
The coin features an error in the design, making it even more special for collectors. The year of 1983 holds significance for coin collectors, as it was the first year the one pound coin was introduced in the UK. Despite being uncertified, this coin's rarity and uniqueness speaks volumes.
Selling to a local dealer is one of the easiest options; it doesn't require any shipping, minimum values, or extra hassle. You get paid up front for everything, hand it over the counter, and you're done.
10 Things You Can Do with Leftover Foreign Coins
If you've come back from your holiday with some spare cash, take it to a Post Office branch that deals in foreign currency and we'll buy it back from you.
Coin cleaning is not advised as it can decrease the value of the coin , as it removes the coins patina , the surface of the coin which is sought out by collectors , particularly with ancient coins, as it shows the coins age and history.
The round £1 coin was withdrawn in October 2017 and is no longer legal tender. That means you cannot spend them in shops, deposit them at your bank, or exchange them at travel money counters. The only practical solution is to use a specialist service like Cash4Coins, which exchanges old £1 coins quickly and securely.
Of course, before the 12-sided £1, the round pound coins, which were in circulation from 1983 to 2016, had their own rarities. Out of the 25 different round pound coin designs, the 2011 Edinburgh City £1 remains the rarest of them all, with just 935,000 entering circulation.
Simply take your currency — whether coins or notes, from any country or age — along to your nearest Sainsbury's Travel Money Bureau and drop it into the donation box clearly marked for The Royal British Legion. It's quick, secure, and completely hassle-free.
Most national banks, local banks and credit unions will accept coins in exchange for cash. However, policies and procedures vary by institution and location. For example, national banks like Chase and Capital One exchange pre-rolled coins for cash for account holders.
Many high street banks let you deposit old £1 coins into your bank account or trade them in. Just be aware that this is done at your bank's discretion – as these coins are no longer legal tender, they aren't under any legal obligation to accept them.