Brits have less than a week left to cash in round Pounds before they become void
In less than a week, the old round pound will cease to be legal tender as the 12-sided version takes over. Round £1 coins are on their way out - and from October 15, you'll no longer be able to use them to make purchases in shops, supermarkets, vending machines and even car parks as they lose their legal tender status. The phase out, which has been taking place since new £1 coin was launched on March 28, means time is running out for consumers to spend them before they expire.
From midnight on Sunday October 15, the round pound will lose its legal tender status, meaning stores cannot hand out old pound coins as change and can refuse to accept them as payment. However an estimated 500 million are believed to be still in circulation. People have been urged to rummage through their wallets, coat pockets, piggy banks and sofas so that they can spend them, bank them or give them to charity before this date.
Tesco has pledged to accept old round pound coins after the deadline for spending them this Sunday.
The supermarket giant will allow customers to pay with the old-style coins for a week after they cease to be legal tender on October 15.
It follows a similar announcement by discount retailer Poundland and also Greggs, which will be accepting round pounds until the end of the month.
A Tesco spokesperson said: "We've been updating our systems ready for the new pound coins, but to help customers who still have the old coins, we'll continue to accept round pounds at our tills and self-service machines for an additional week."
But as well as Tesco and Poundland, 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 said: "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."
"It would help if small firms knew they were allowed a short transition period to collect the old coins if they wish to and are willing to bank them, but not give out to customers. This would provide a useful community service, allowing customers a few weeks to get rid of the final few pound coins in circulation."
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. The production of the new coins followed concerns about round pounds being vulnerable to sophisticated counterfeiters. Around one in every 30 old-style pound coins in people's change in recent years has been fake.
Major banks have said that while they encourage customers to allow enough time to hand in their old coins, they will continue to accept deposits of round pounds from their customers after October 15.