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Deadline looms for the old pound coin

POSTED ON 11 OCTOBER 2017

As of the 16th October 2017 the old pound coin will no longer be legal tender and has been replaced by the new 12-sided coin 

With only a few days to go until the deadline it is thought that 500 million are still in circulation. The Royal Mint introduced the new coin on the 28th March 2017, as it is estimated that one in 30 of the old versions are fake. The new coin is designed to crack down on counterfeiting and was described as the most secure coin in the world. The coin includes material inside which can be detected when electronically scanned by coin counting and payment machines.

Banks are encouraging the public to return their old coins as soon as possible. The Post Office say customers can continue to deposit them into their usual high street bank accounts until further notice. Poundland has also said that it will accept the old coin until the 31st October 2017. However, Tesco, Sainsbury’s and Asda will not accept the old pound after the deadline and shops will not be allowed to give the round pounds back in change to customers.

Some shoppers have been left frustrated as they have received the old pound coin as change a week before the deadline. Most businesses have also been updating their machines to accept the new coins but some are still unable to take them.

Image credit: Public Domain Pictures

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