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That’s right, everyone. You heard it here first: Mastercard has warned that the British public are set to lose up to £1.1 billion worth of loose piggy-bank change when the current £1 coin goes out of circulation later this year. And the new £1 coin has just launched, so keep an eye out.
Amidst the excitement of the impending 12-sided £1 coin that hits the high street today, don’t forget to cash in your old coins before the deadline. Shops have been told to stop accepting the traditional coins after 15 October, however Mastercard revealed that almost 87% of the 2,000 customers they surveyed aren’t aware of the looming deadline.
The study revealed that, on average, the British public have £15 in £1 coins lying around at home, with youngsters aged 18 to 24 surprisingly hoarding the most.
“We were shocked to discover just how few people are aware of when the current £1 coin goes out of circulation,” said Mark Barnett, president of Mastercard UK and Ireland.
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Ministers are now determined to make sure we’re all aware of the retiring £1 coin expiry date before it’s too late.
“Our message is clear: if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before 15 October,” Baroness Neville-Rolfe, commercial secretary to the Treasury, underlined.
That’s 15 October, everyone. Don’t say we didn’t warn you…