How charities can cash in on the new £1 coin

Will you be taking advantage of the Pound for Pound initiative?

The new twelve-sided one pound coin is now in circulation and in the next six months, the old one pound coin will cease to be legal tender.

This presents a superb one-off opportunity for charities to leverage and to encourage people to donate their old £1 coins. This campaign is supported by the Royal Mint who are encouraging charities to have a stronger presence at retail centres and other public venues during the next six months to persuade shoppers and passers-by to donate their coins.

According to Government research, around 5% of the public would consider donating their old £1 coins to a charity when they cash them in. Policy officer at the Institute of Fundraising says “It’s estimated that over one-third of the £1.3 billion worth of coins stored in piggy banks or jam jars around the UK is the current £1 style.

Government research suggests that 5 per cent of the public would consider donating their old £1 coins to a charity when they cash them in.” The National Council for Voluntary Organisations has said it will be promoting a variety of fundraising ideas over the summer to help promote the collection scheme and to help charities with collecting old coins.

For charities, the coming weeks are an ideal time to start promoting this scheme and encouraging supporters to save up and donate their old pound coins. There are lots of ways that charities can leverage these fundraising opportunities such as utilising schemes like fundraiser John Thompson’s #FirstFiver twitter campaign.

There is certainly a similar scope to get involved and use the hashtag #PoundforPound to encourage people to donate an old pound coin after receiving a new one.

Don’t forget to share your fundraising campaign not only with your loyal supporters but also share it with local media who can help spread awareness via local press, radio and TV.

Most charities are eligible for gift aid and the gift aid small donations scheme allows charities to claim a gift aid-style top-up of 25% on cash donations such as tin collection donations, without the need to a written declaration form from a donor (however, you will need to have claimed some gift aid on other donations)

Will you be getting involved in the #PoundforPound to help raise money for your charity?