Britons could be set to lose £1.1bn
Recent Mastercard survey claims up to 87% of Britons are unprepared for the launch of the new pound coin
by Abi Moses on 27th February, 2017
We are now less than one month from the launch of the UK's new 12-sided one pound coin, yet according to a recent survey, 87% of Britons are unaware of when the deadline to spend the old ones.
The credit card giants said, "Piggy bank savers stand to lose £1.1bn worth of loose change stashed in jars and drawers when the current £1 coin goes out of circulation later this year."
It is believed that as many as 1 in every 30 one pound coins currently in circulation are fake, with the new coin being launched in a bid to tackle counterfeit fraud. The current one pound coin was first introduced in 1983.
According to the study, the average Brit has around £15 in one pound coins at home, with that total rising to an average of approximately £25 in young adults, aged 18 to 24. But in their recent survey of 2,000 people, just 17% claimed to know about the October 15th deadline to spend their current one pound coins.
Mark Barnett, President of UK and Ireland, said "We were shocked to discover just how few people are aware of when the current £1 coin goes out of circulation."
The percentage is surprisingly high given the Treasury recently issued a statement urging Britons to be prepared for the change. David Gauke, Chief Secretary of the Treasury, said "We are calling on everybody – from conscientious children saving pocket money in piggy banks to families who like to hold on to their coins for a rainy day – to be ready for this change. You have until the autumn to spend your round pounds or exchange them for the edgy new version at your bank."
It is quite ironic how uncertainty surrounding the pound coin comes at a time when the currency itself is clouded by so much uncertainty. We are thought to be just a few days away from Article 50 being triggered and the UK formally leaving the EU. Investors are anticipating market volatility when this does happen, but will the Pound fall or surge?
Ahead of the Brexit negotiations, you can spread bet on any of the world's currencies by simply selecting a broker from the Spread Betting homepage and registering today.
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