profishingrods.com
profishingrods.com October 17, 2017


There's only a few days left to spend your old pound coins

11 October 2017, 08:05 | Randall Craig

The new £1 coin is designed to reduce the number of counterfeits in circulation

The new £1 coin is designed to reduce the number of counterfeits in circulation

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 old one-pound coin is being phased out completely on Sunday (15) but United Kingdom businesses said they have been given too little time to switch to the new one and many are planning to defy the deadline.

Consumers who find old pound coins after the deadline can take them to any Post Office branch and deposit them into high street bank accounts.

That's despite the supermarket giant announcing it has not modified all their shopping trolleys to accept the new tender.

Poundland, a chain of shops where nearly all items cost £1, extended the period during which its customers would still be able to pay with the old coin until October 31.

The Royal Mint created the new coin in an attempt to combat fraud, with three per cent of the old coins - equivalent to £45 million - deemed to be counterfeit.

Barry Williams, the discount store chain's trading director, said it was a "no brainer" to continue to accept the old coins.




And a trade association representing small shops has advised its members to continue accepting the round coins to provide a "useful community service" to customers.

"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".

There are even a number of shops, including Poundland, that have said they will continue to accept the old pounds past the deadline, right up until October 31.

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

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

"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".

RBS/NatWest also said it would encourage customers to try to hand in their old coins as soon as possible.



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