I was clearing out the kitchen drawer last weekend – you know, the one that collects everything from dead batteries to takeaway menus – when I heard that unmistakable clink. There, beneath a pile of old Allen keys and random screws, sat eight old round £1 coins. For a moment I felt like I’d discovered buried treasure. Then reality hit: these things haven’t been legal tender since 2017. So what on earth do you actually do with them in 2025?
Turns out I’m far from alone. Millions of us still have these coins lurking in jars, car ashtrays, and sofa cushions. But while most are worth exactly £1 (if you can persuade someone to take them), a few are genuinely valuable to collectors. Let me walk you through everything I’ve learned – the practical steps first, then the more exciting “could you be sitting on a goldmine?” bit later.
The Current State of Play in 2025
Eight years after demonetisation, the picture is pretty clear. The vast majority of those old round pounds have been rounded up (pun intended) and melted down. Over 1.6 billion were returned, which sounds enormous until you realise that’s still only 96% of the total ever minted.
That leaves roughly 70 million coins floating around British homes. Think about that – seventy million pounds just sitting there, doing nothing. In my experience, people either forget they have them or assume they’re completely worthless now. The truth, as always, sits somewhere in the middle.
Can You Still Spend Them?
Short answer: no. Not in shops, not on buses, not even in most vending machines (though I once got away with it in a particularly ancient parking meter in rural Wales – don’t tell anyone).
The official line hasn’t changed since October 2017. They’re demonetised. Full stop. But that doesn’t mean they’re worthless – just that you need to jump through a couple of hoops to get value from them.
The Easiest Option: Bank Exchange
Here’s the good news – most high street banks will still swap your old rounds for new 12-sided £1 coins. I’ve done this myself with Barclays and Nationwide, and both were perfectly happy to help.
Which banks currently accept them (based on my recent checks):
- Barclays – usually no problem at the counter
- Nationwide – very accommodating
- HSBC – generally yes, though some branches are pickier
- Lloyds – normally fine
- Santander – worth asking
- Virgin Money – reported to be helpful
- NatWest – increasingly saying no (your mileage may vary)
Important caveat: banks aren’t legally required to do this. It’s entirely at their discretion. Some branches will take handfuls without blinking, others will look at you like you’ve brought in Confederate money.
Pro tip: call ahead. I wasted a trip to my local NatWest recently because their policy had quietly changed. Twenty minutes on hold to be told “computer says no” – there’s an hour of my life I’ll never get back.
Some larger Post Office branches will also exchange old £1 coins, though this seems to be dying out. The ones in WHSmith tend to be more helpful than tiny local branches.
Again, phone first. The Post Office website is spectacularly unhelpful on this topic – it still says they “may” accept demonetised coins at their discretion, which tells you precisely nothing.
What Definitely Doesn’t Work
The Bank of England? Forget it. They stopped accepting old round pounds years ago. Same goes for coinstar machines and most supermarkets’ coin counters.
The Collector Angle – Where Things Get Interesting
Now we get to the fun part. While 99.9% of old £1 coins are worth exactly £1 (if exchanged) or nothing (if you can’t find anyone to take them), a tiny fraction are genuinely rare and valuable.
I’ve spent an embarrassing amount of time recently going down this particular rabbit hole, and here’s what I’ve learned:
The rarest versions include:
- 2016 “last round pound” with the date on both sides (error coin) – genuine examples have sold for £1000+
- Edinburgh 2011 (cities series) in pristine condition – £50-£200
- Cardiff 2011 – similar prices
- 1983 coins in uncirculated condition – £20-£50
- 1988 shield design (first year without royal arms) – £15-£40
But here’s the crucial bit – be very skeptical of eBay listings showing “rare” £1 coins for thousands. Most are common dates that someone has optimistically priced high. I’ve seen 2015 royal arms coins listed for £500 that aren’t worth £2 to collectors.
The coin collecting market is full of wishful thinking dressed up as rarity. Always check recent sold prices, not asking prices.
How to Check If Yours Are Valuable
Step one: look at the date. Anything from 2016-2017 is more likely to have something interesting going on.
Step two: examine both sides carefully. The genuine 2016 error coin has “2016” on both the Queen’s head side and the tails side – a mistake that was quickly corrected.
Step three: condition matters hugely. A scratched, dirty 1983 coin is worth £1. The same coin in pristine, uncirculated condition might fetch £30-£50.
Selling to Collectors
If you think you have something special, your options are:
- Specialist coin dealers (best prices but they’ll take their cut)
- eBay (easy but fees eat into profits)
- Coin fairs (can get good prices but intimidating if you’re new)
- Facebook collecting groups (variable quality)
Personally, I’d go with a reputable dealer for anything potentially valuable. The stories of people being ripped off on eBay are legion.
Other Creative Solutions
Some people have found more creative approaches:
- Charity collection boxes – many still accept old £1 coins
- Metal detecting clubs sometimes run “amnesty” events
- Some museums take them for educational displays
- Artists use them for crafts (though this feels like sacrilege to me)
I particularly like the charity option. If your coins are just regular ones and the banks won’t take them, at least they can do some good.
My Personal Verdict
After all this research (and successfully exchanging my eight coins for nice shiny new ones), I’ve reached a few conclusions:
Most old £1 coins are worth the effort of taking them to a bank. You’ll get your £1 per coin, and it’s better than them gathering dust.
The chance of having a genuinely valuable one is tiny – like winning the lottery tiny – but it’s worth a quick check.
And perhaps most interestingly, these coins are becoming a cultural artifact. My kids think they’re fascinating because they’ve literally never used one in circulation. In another decade, they’ll be proper collectors’ items, even the common ones.
So dig out those old coins. You probably won’t get rich, but you might get a pleasant surprise – and you’ll definitely have a good story to tell.
