Image courtesy of William Warby

Across the UK new pound coins are being phased in and old ones will be disappearing. The new ones are a different shape to try to prevent them being copied and the old ones will remain legal tender until October. You may already be thinking that you should spend your old ones in order to get rid of them quickly, but before you do, consider whether that is the right thing to do.

There are some one pound coins that are rare and worth money. If you look on auction websites you will see that there are lots of coins for sale and many sell for many times more than their face value. This applies only to certain coins with specific pictures on them and some only certain dates. Carefully look at the coins that you have and see if you have any which could be worth money. Then look on the auction websites and see which coins sell for the most. The best way to find this out is to do a search for one pound coins that have sold and see which raise the most. You will find that the prices will vary and so you may not be able to make as much as previous sellers. Therefore make sure that you will be able to make enough to cover the cost of the selling fees, finance processing fees and the postage and packing if you have no charged separately for it. It may be better to sell some in a batch and some individually, take a look and see how other people sell theres and which seem to make the most money.

You will find that machines that take pound coins will take a while to be switched over; so things like lockers, car park machines, shopping trolleys and vending machines may not accept the new coins for a long time. Therefore it could be a wise idea to make sure that you hold on to some of them for a while, particularly if you use these things regularly. Try to find out whether they will be changing soon, so that you know how long to keep hold of these coins for.

If you have no need to hold onto to the old pound coins, then it could be best to just spend them as soon as you can. You may want to keep some, just to have some memories of old coins and to show your children and / or grandchildren but pick the rarer designs as these are less likely to be fakes! You may even want to hold on to some for yourself.

However, there is no hurry to spend them as they will still be legal tender until October, but do make sure that you start thinking about getting rid of them in September, if you do not want to keep them as mementos as you may otherwise find that you get caught out with coins that you cannot use and do not want.