Economy

Two major retailers to continue accepting old £1 coins after deadline

The country's main banks, Barclays, Natwest, Lloyds and Santander and the Post Office have also announced that they will continue to accept the round coin after October 15.

In fact, they will be able to conveniently shop and purchase 3,000-plus products at the high street retailer for an extra two-weeks rather than having to join the expected long queues in banks or post offices over coming weeks. "We are urging the public to spend, bank or donate their old pound coins and asking businesses who are yet to do so, to update their systems before the old coin ceases to be legal tender".

It's not quite as helpful as Poundland, which will be accepting them until the end of the month, but Tesco stores are literally everywhere.

There are even a number of shops, including Poundland, that have said they will continue to accept the old pounds past the deadline, right up until October 31.

But what can you do with any you still have after the October 15 deadline?

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.

So the 500 million estimated to still be in circulation will quickly get pulled out of the front lines.

A trade association representing around 170,000 small shops across the United Kingdom has also advised members to continue accepting the round coins.

A Federation of Small Businesses spokesman said: "Shopkeepers will be aware 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".

"It would help if small firms knew they were allowed a short transition period to collect the old coins if they wish to, and are willing to bank them".

Adam Lawrence, chief executive and deputy master of the Royal Mint, said: "The round pound has been in circulation for over 30 years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them".

Security features on the new coin include 12 sides, a bi-metallic composition, a holograph and tiny lettering called "microtext" around part of the design.

The outgoing round coin, of which two billion were minted, first appeared in 1983 in an attempt to cut costs by replacing the one-pound note.

The Post Office is another place where you can take your old round pounds after this date.

Banks will continue to accept the coins in deposits until further notices, as will the Post Office.

The authorities have therefore intensified efforts to encourage people either to spend their old coins or change them at the bank.

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



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