Published on May 5th, 2017 | by Michelle Roper-Shaw0
Get Rid of Your Old Fivers and Check Your New £1 Coins
Today is the final day to spend your old paper £5 notes. Apparently there are still over £150 million old paper £5 notes in circulation.
Yet, after today they are no longer legal tender. Therefore, the Bank of England is advising us to check our purses, wallets, piggy banks, coat pockets and other secret hiding places.
This weekend, retailers can refuse to accept your paper £5 notes. Also, if you are offered an old £5 note in change, you have the right to ask the assistant to swap it for a new one.
However, if you do still have an old £5 note or two, do not panic. You can still take them to your local Post Office, bank or building society. They can still swap them for the new polymer £5 note.
The new polymer £5 note entered circulation in September 2016 and features Sir Winston Churchill on the back of the note. With the removal of the paper £5 note featuring Elizabeth Fry, the activist and prison reformer, no woman will be on our bank notes until later this year. In September, the new polymer £10 will be introduced featuring the author Jane Austen.
New £1 Coins Selling for £300
Despite the new £1 coin only entering circulation at the end of March, some may already be worth more than their face value. So, if you have a new twelve sided coin in your pocket, check it very carefully.
The new twelve sided £1 coin has been deemed counterfeit proof. However, some £1 coins have entered circulation with striking errors. This in turn has led some lucky owners to sell them on auction sites for up to £300.
According to a report in the Daily Mirror this week, errors already discovered include:
- An upside Queen’s head
- The Queen’s head aligned incorrectly or missing entirely
- Upside down text
- Cutting errors
Coins featuring these anomalies are still legal tender and can be used to buy goods. Yet, with a profit of a couple of hundred pounds up for grabs, what would you do?
If you are lucky enough to find a not so perfect £1 coin, you can sell on online auction sites including eBay or Gumtree. Otherwise, you can sell it to an auctioneer or registered coin dealer.
Did You Know?
The Royal Mint strikes 2,000 £1 coins per minute.