When does the old £1 coin expire?

Old pound coin

Old pound coin

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

The new coin, which was put into circulation on March 27, is supposed to fully replace the old one, which will no longer be legal tender, on October 15. 'Cause as of this Sunday shops will no longer be accepting the classic round pound now its snazzy twelve-sided upgrade exists.

"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".

Around 1.2 billion old round coins have been withdrawn from circulation but about 500 million are remaining with less than a week to go.

MANY shops in East Lancashire are likely to defy a deadline to stop accepting old £1 coins, which stop being legal tender this weekend. People may also find they can still hand in the old £1 coins at the Post Office after this date.

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.

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 can not pay with a round pound if they do not have any other change".

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?

"Thanks to an agreement with all United Kingdom high street banks, everyone can deposit old pound coins into their usual high street bank account at their local Post Office branch while visiting us to pay bills, pick up online shopping, collect foreign currency, withdraw cash, deposit cheques or any of the many other reasons to pop in".

However, some retailers have faced criticism over the change to the new 12-sided pound 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.

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

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