When does the old £1 coin expire?

When does the old £1 coin expire?

When does the old £1 coin expire?

The Post Office is also taking part in "Pudsey's round pound countdown" - collecting old round £1 coins for BBC Children in Need.

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

From Monday shops will be forbidden from handing out old £1 coins as change and will have the right to refuse to accept them.

ANYWAY, the point we're trying to make is that the old quid coin will essentially be obsolete as of this weekend after the actual Bank of England announced they'll no longer be accepted as legal tender from October 16th.

However, there has been confusion over the withdrawal of the coins, with some shops pledging to continue accepting the pounds coins after the October 15 deadline.

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The process of replacing the coins - which have been in circulation for 33 years - began in March with the release of of the 12-sided version. The Royal Mint has produced more than two billion round pound coins since that time.

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.

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".

Authorities have therefore intensified efforts to encourage people either to spend their old coins or change them at the bank.

MoneySavingExpert has said that there are some banks and building societies who will accept the old coin after that date.

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"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".

And the switch has raised concern that piggy banks, coin jars and savings could soon be worthless if not spent/cashed in.

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

So even then you Tesco shoppers only have until October 22nd to use up your old tender.

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