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The old, round, pound coin (the one with the golden center) was officially withdrawn in October 2017. That feels like a million years ago, right? But here’s the thing: banks and the Post Office still accept them for exchange into your account or for cash, even now.
However, there’s a big, fat “individual bank policy” asterisk here. Some banks will let you deposit them directly into your account if you’re a customer. Others might only exchange them for new coins or notes, especially if you’re not a customer. It’s a bit like a secret handshake—except the handshake is a bag of outdated currency.
What About the Post Office? (The Real MVP)
The Post Office is basically the superhero of this story. You can deposit old £1 coins directly into your bank account at most Post Office counters. No fuss, no judgment, just a polite smile. It’s like they’re saying, “We don’t care how long you’ve hoarded these, we’ve got you covered.”
Just make sure you have your bank card or paying-in slip handy. And maybe don’t bring 500 of them in a sock—they prefer a bag. Plus, the counter staff will really appreciate not having to count coins one by one while you hum.
