The new 12-sided £1 coin became legal tender on March 28 2017 and now with one billion coins having passed through the Royal Mint production line, it’s time to say farewell to its predecessor.
The old pound coin will officially lose its legal tender status as of midnight Sunday (October 15), meaning it won’t be accepted anywhere in the UK.
The clock is ticking
Royal Mint are now encouraging all old pound coin owners to spend, bank or donate their coins before the deadline.
Andrew Jones, the Exchequer Secretary to the Treasury said: “The clock is ticking. 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.”
If you miss the deadline, though, all is not lost as HSBC, Barclays, Nationwide, RBS, Santander and Lloyds/Bank of Scotland have all told Money Saving Expert that they will swap the coin but for their customers only.
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.
A spokesperson said: “We will also be taking part in Pudsey’s Round Pound Countdown – collecting old round £1 coins for BBC Children in Need. From 5th October to 17th November, customers will be able to donate their round £1 coins to over 3,000 Post Office branches across the country, helping to raise vital funds for the charity.”
A trade association representing small shops has advised its members to continue accepting the round coins to provide a “useful community service” to customers.
A spokesman for the Federation of Small Businesses told the Telegraph: “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 cannot pay with a round pound if they do not have any other change.”
Discount retailer Poundland has said more than 850 of its stores across the country will continue accepting the coins until October 31.
The old pound coins are to be melted down to create new ones.