Old style £1 coins cease being legal tended at midnight on October 15
You may have heard time is running out to spend those old style £1 coins.
They’ve been in our pockets since 1983, so if you’ve been stashing away the quid’s make sure you dig them out and get them swapped.
It’s just under two weeks until shops will stop accepting the round pounds – so be aware that the old style coins cease to be legal tender at midnight on October 15, after which you will only be able to spend the new 12-sided pounds, which have been in circulation since late March.
I’ve found some old pound coins – what can I do after October 15?
• If you stick your hand down the sofa and find some old gold you will not be able to spend the coins from October 16. But you should be able to swap them.
• High street banks should let their own customers deposit old pound coins into their accounts.
• The Royal Mint says: “After October 15, the current round £1 coin can continue to be deposited into a customer’s account at most high street banks in the UK.
• But be quick! It is up to banks’ discretion and will only be a temporary measure.
What happens if I’m given the old £1 coin in a shop?
• You’ve got until October 16 to spend the old pounds.
• After October 15, shop staff should definitely not hand you the old pounds in your change. So refuse to accept them and ask for the 12-sided pound instead.
• In the mean time, The Royal Mint is asking shops and businesses to only give customers the new pound coins. But they are perfectly within their rights to hand shoppers the old pounds until the deadline.
• A spokesperson told the Telegraph: “We have urged businesses and their frontline staff to, where possible, prioritise the new coin when giving customers their change.
• “Customers are entitled to ask for their change in any way they wish, but until October 15th, businesses can continue to give out the old coin.”