Kids to lose £92m in old pound coins, warns Smyths Toys

Jade Burke

By Jade Burke

September 11th 2017 at 4:52PM
UPDATED September 13th 2017 at 9:55AM
Kids to lose £92m in old pound coins, warns Smyths Toys

The old pound coin will be worthless by October 15th, with the retailer encouraging parents and kids to use up their loose change in their piggybank.

Kids are set to suffer a huge loss next month, when the old pound coin will go out of circulation.

According to research commissioned by Smyths Toys, over half (53 per cent) of parents with children aged from four to 14 say their children have five or more old pound coins sitting in their piggybank.

With around 18.5 million under 16 year olds in the UK, this amounts to over 92 million old pound coins that are set to go out of circulation.

Once October 15th hits, these pound coins will no longer be used and will be declined in retail outlets across the UK.

Findings also revealed that 24 per cent of adults did not know that the £1 coins would be worthless after 15th October, with a third (37 per cent) of parents saying that their child does not know either.

With the impending deadline just around the corner, now is the time for little ones and parents to use up their loose change or risk losing all of their hard-earned coins.