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Dudley Building Society > News > Time is running out for the old £1 coin

Time is running out for the old £1 coin

£1 coin

5th October 2017

Dudley Building Society has today issued a reminder to everyone that they do not have long to exchange their old £1 coins and they should be checking piggy banks, old handbags and the back of their sofas whilst they remain legal tender.

Any ‘old style’ £1 coins will only be able to be traded in at Banks and Building Societies after the 15th October deadline – this includes Dudley Building Society.

The new twelve sided £1 coin, entered circulation at the end of March with much less publicity than was seen for the changes in £5 and £10 notes This has led to concern that a number of people will be left with coins that are unable to be exchanged in the future. The new coin has been branded the most secure in the world with 1.5 billion of them in circulation.

The Society has branches located in Brierley Hill, Gornal, Kingswinford, Perton and Dudley Town Centre and will accept the old coins from both members and non-members of the Society over the coming weeks.

Chief Executive, Jeremy Wood said, ‘The deadline seems to have crept up on a number of people so we wanted to reassure everyone that we will be in a position to exchange old £1 coins for a number of weeks either by a direct swap in branch or by putting them in to a savings account. We aren’t stipulating that people need a Dudley Building Society account as we are more than happy to offer the service to the wider community’.

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