Race on to spend old £1 coins as deadline looms

16 October, 2017, 17:15 | Author: Leticia Walters
  • Sunday deadline for shoppers to spend old £1 coins

The new 12-sided pound coin, which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters.

They have been in circulation for the past 34 years and more than 1.6 billion of them have been minted, but from midnight they will cease to be legal tender. You will, however, still be able to take them to your bank or donate them.

"We've seen a large increase in the number of coins being brought into branch in the last couple of weeks as customers empty their piggy banks not just of round pound coins but of all their loose change", Carl Foster, head of coins at NatWest told Evening Standard.

As for small businesses, the advice to them is to be prudent and understanding. Businesses told us they wanted certainty on a cut-off date, which is why we introduced the October 15 deadline.

"There's no obligation beyond the deadline for businesses to accept them, (but ) in reality, some businesses may choose to use their discretion".

Some other payment services might not be ready for the deadline.

The Post Office has said, although they cannot exchange old £1 coins for new ones, customers can continue to deposit them into any of their usual high street bank accounts through any Post Office, even after October 15th until further notice.

Since the introduction of the new coins there have been concerns that the country was not ready, in particular parking machines, many of which around the country hadn't been updated to accept them.

Major banks and building societies have said they will continue to accept deposits of the old round pound after the deadline on Sunday October 15.

They were replaced by the new 12-sided pound coin in March.

After Sunday night, the round £1 coins will no longer be in circulation and members of the public have been returning them at a rate of up to 60 million per week.

Vendors are within their rights to decline them if you try to spend them, but if you knowingly use one in a vending machine, you will potentially be breaking the law by committing fraud.

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