October 18, 2017

When does the old £1 coin expire?

11 October 2017, 08:08 | Winifred Adams

GETTYOld pound coins should be spent or traded in at banks building societies or Post Offices

Old pound coin

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.

Tesco is among the stores that said it will continue to accept coins for a week after they officially stop being legal tender because so many remain in circulation.

The discount supermarket chain Aldi is to accept the old £1 coins in its United Kingdom stores for two weeks after they cease to be legal tender.

The new coin, of which 1.5 billion copies have been made, is "the safest in the world", said Kevin Clancy, director of the Royal Mint Museum.

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

Although the last date to spend your old coins is technically this Sunday, some businesses will still be taking 'em while we get used to the change.

If you still have £1 coins lying about after the deadline there is no need to panic, old coins can continue to be deposited into a customer account at most high street banks in the United Kingdom, but they won't help you if you're short of change for the bus after the cut off date.

And the switch has raised concern that piggy banks, coin jars and savings could soon be worthless if not spent/cashed in.

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

The firm will allow customers to pay with the old-style coins for a week after the October 15 deadline imposed by the Royal Mint.

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

However, there has been confusion over the withdrawal of the coins, with some shops pledging to continue accepting the pounds coins after the October 15 deadline.

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

"They can do this even after 15th October".

The Federation of Small Businesses says continuing to accept the coins would be a "useful community service" to customers.

Despite the 12-sided coins being introduced in March to facilitate the phasing out of the old coins, some retailers have said they will continue to accept the coins.

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