When does the old £1 coin expire?


Around 1.2 billion old round coins have been withdrawn from circulation but about 500 million are remaining with less than a week to go.

Chief executive and deputy master of the Royal Mint Adam Lawrence said: "The round pound has been in circulation for over 30 years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them".

Charity box collectors and those who save loose change have been urged to go through their coins and sort out the old from the new to make sure that they do not miss out.

MANY shops in East Lancashire are likely to defy a deadline to stop accepting old £1 coins, which stop being legal tender this weekend.

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.

The UK's largest retailer, Tesco, said earlier this week that it would allow its shoppers to pay with the round pound coins at tills and self-service machines for an extra week in apparent defiance of the 15 October deadline the Royal Mint has imposed. People will still be able to deposit the old coins into any of their usual high street bank acco unts through the Post Office.

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.

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Security features on the new coin include 12 sides, a bi-metallic composition, a holograph and tiny lettering called microtext around part of the design.

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

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.

However, the postal service won't swap old pound coins for new ones.

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

The supermarket now joins the likes Poundland who has also pledged to continue accepting the old coin after it becomes effectively worthless from October 15.