Tuesday, 23 October, 2018

Deadline looms for Britons to spend old £1 coins

GETTY    
   SMASH People should empty their piggy banks before it's too late GETTY SMASH People should empty their piggy banks before it's too late
Laurie Berry | 16 October, 2017, 09:10

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.

The new 12-sided pound coin, which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features to thwart counterfeiters.

"The changeover period has been fairly short", said Mike Cherry, National Chairman of the Federation of Small Businesses.

The old rounded £1 coin is on its way out.

The Post Office said customers can continue to deposit their old round pounds into any of their usual high street bank accounts through any post office - even after October 15 - "until further notice".

But that is quickly coming to an end as the deadline to get rid of your old £1 coins quickly approaches. Some of them were angry that shops continued to give the old coins as change, the BBC reported. ".McDonald's and Aldi have gone the other way and have brought the cut-off point forward". It will allow members of the public, until Remembrance Sunday, to buy poppies with the old pound coin.

Although it is inconvenient, the Royal Mint has introduced the new coin for a reason.

They were replaced by the new 12-sided pound coin in March.

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Two different coloured metal alloys, based on nickel and copper, also make it easier to distinguish between fakes and genuine coins.

After it was revealed hundreds of millions of coins are yet to be handed in, only hours remain before the coin rolls out of general circulation. However, there will be at least one machine at each of these stations which will accept the new coins.

His drawing depicts a rose, a leek, a thistle and a clover - the symbols of the four nations of the United Kingdom - surrounded by a royal crown.

Old round pound coins will cease to be legal tender after the weekend - but some shops will still be accepting them after the deadline.

People should not panic if they miss Sunday's deadline as banks and some big stores are giving them extra time to use them.

Since the introduction of the new coins there have been concerns that the country was not ready, in particular parking machines, many of which around the country hadn't been updated to accept them.

Supermarkets Tesco and Sainsbury's have not yet adapted their trolleys to take the new coin, according to the Daily Telegraph.

The transition to the new currency could nevertheless cause some difficulties.

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