IoF urges people to give old pound coins to charity

The new £1 coin comes into circulation today, and the Institute of Fundraising hopes to emulate the success of the First Fiver campaign

The new £1 coin
The new £1 coin

The Institute of Fundraising is calling on people to donate their old £1 coins to charity as a new version of the coin comes into circulation today.

Using the hashtag #PoundforPound, the IoF and the Royal Mint are hoping to persuade members of the public to give away one old pound coin every time they receive a new one.

The round £1 coin is being replaced by a 12-sided, bimetallic coin that the government hopes will be more difficult for counterfeiters to copy.

The new version is available from today, but the old coin will remain legal tender until 15 October.

The IoF hopes to emulate the First Fiver campaign: the Charities Aid Foundation estimates this might have raised as much as £12.5m for charity by encouraging people to donate their first new £5 note, which was introduced in September.

Stephanie Siddall, policy officer at the IoF, said in a blog: "The launch of the new £1 coin is likely to provide similar opportunities for charities to invite their supporters to give generously to the causes they care about."

The government estimates that £1.3bn worth of coins are stored in savings jars across the country, about a third of which are £1 coins. Government research suggests that 5 per cent of the public would consider donating their old £1 coins to charities when they cash them in.

Siddall said: "As well as the initial launch of the new coin, there is also scope for charities to think about how they might organise their fundraising activities and campaigns during the transition period over the summer as people become more aware that the old £1 will be taken out of circulation in October.

"We’ll be jointly releasing some further tips and resources over the coming months, particularly information for smaller charities on engaging with local media, but know that the best ideas come from the sector itself. We’re calling on fundraisers to get involved in the Royal Mint’s publicity of the new coin launch and raise awareness of their causes by highlighting their fundraising messages on social media."

If you’re interested in fundraising, you can’t miss Third Sector’s Annual Fundraising Conference on 23 and 24 May. Click here for more information and how to book

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