Published: Wed, October 11, 2017
Health | By Jay Jacobs

We will still accept the old round pound coins, says Wolverhampton shopkeeper

About 500m are believed to remain in circulation.

The hour of reckoning for the old pound coins is very almost upon us - they are just days away from being cast into the empty void of futility.

"It would help if small firms knew they were allowed a short transition period to collect the old coins if they wish to, and are willing to bank them".

Norwich City Council has confirmed all council-owned parking machines in the city now accept the new £1 coin but it has warned drivers that from October 15, when the old "round pound" coins stop being legal tender, all the machines will only accept the new £1 coins.

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

Retailer Poundland has also said that it will continue to accept the coins up until the end of the month.

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.

"This deadline is going to be a challenge given that multiple retailers have made a decision to be more flexible and continue to accept the old £1 coin from shoppers after 15th October", he said.

Several major banks and building societies have said their own customers can continue to deposit the old round pounds with them after October 15 - so if you do find a few wedged down the sofa in the coming weeks, you can still bank them.

The Treasury is urging customers to spend their coins.

When does the round £1 coin cease to be legal tender?

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 new coin, of which 1.5 billion copies have been made, is "the safest in the world", said Kevin Clancy, director of the Royal Mint Museum.

The 12-sided £1 coin has all new dimensions, it is thinner than the old coin and measures just 2.8mm in thickness.

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

"Retailers are under no obligation to accept the round £1 coin from customers and should not distribute the round £1 coin after October 15".

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

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