We will still accept the old round pound coins, says Wolverhampton shopkeeper

We will still accept the old round pound coins, says Wolverhampton shopkeeper

From midnight on Sunday 15 October, the coins will lose their legal tender status.

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

"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". After this date, shops and restaurants should no longer accept them.

"To make the transition as easy as possible for our customers, we will continue to accept the old £1 coins as payment across our stores until 31 October".

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

Roughly 500 million old pound coins are thought to still be in circulation in the United Kingdom, but as of midnight on Sunday businesses can stop accepting them.

Old round pound coins will cease to be legal tender next week - but some shops will still be accepting them after the deadline.

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"After October 15, the 12-sided £1 coin will be the only £1 coin being spent in the UK".

The old pound coins that are returned to the treasury will be melted down and reproduced into the new 12-sided coins.

The ministry said it has security features to thwart criminals, noting that one in every 30 £1 coins in the market has been fake.

People may also find they can still hand in the old £1 coins at the Post Office after this date.

If, like us, your entire "savings account" consists off an old piggy bank full of pound coins you might wanna prick your ears up. Why?

Royal Mint are now encouraging all old pound coin owners to spend, bank or donate their coins before the deadline.

Retailer Poundland has also said that it will continue to accept the coins up until the end of the month.

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