February 19, 2018

When does the old £1 coin expire?

11 October 2017, 08:06 | Lena Norman

The new £1 coin is designed to reduce the number of counterfeits in circulation

The new £1 coin is designed to reduce the number of counterfeits in circulation

Retailers have been warned that they have just five days until old pound coins are no longer legal tender.

He is among a number of shops, including Black Country-based Poundland where people will still be able to pay with the old coins.

Tesco will accept the old round £1 coin up to a week after the deadline to "help customers out".

And bakery favourite Greggs will also accept the coins and have not yet decided when they will stop accepting the round pound.

When does the round £1 coin cease to be legal tender?

If you do not want to risk being caught out though, bear in mind that shops are not obliged to accept your old round pound after October 15, so it would be wise to offload your old coins by banking, spending or giving them to charity before then.

A trade organisation representing 170,000 businesses has advised its members to continue taking the round coins, because the changeover period has been so short.

The new £1 coin has been in circulation for over 6 months having been introduced on March 28, 2017.

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A spokesman for the Federation of Small Businesses said: "Shopkeepers will be aware that the Royal Mint has this deadline but at the same time they will not want to let their loyal customers down by saying they can not pay with a round pound if they do not have any other change".

"This deadline is going to be a challenge given that multiple retailers have chose to be more flexible and continue to accept the old £1 coin from shoppers after 15th October", he said.

With just a week to go, around 500 million old round pounds are still in circulation.

The hour of reckoning for the old pound coins is very almost upon us - they are just days away from being cast into the empty void of futility.

MoneySavingExpert has said that there are some banks and building societies who will accept the old coin after that date.

The coin also has a new design on its tail side, created by 15-year-old David Pearce, who won a competition organised by the Treasury.

The new pound coin has also been hailed as the most secure in the world, on their website, The Royal Mint said: "Its distinctive shape makes it instantly recognisable, even by touch".

RBS/NatWest also said it would encourage customers to try to hand in their old coins as soon as possible.

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