Give shoppers more time to spend old £1 coins, business group urges

Give shoppers more time to spend old £1 coins, business group urges

Over the past six months, more than 1.2 billion coins have been returned as people across the United Kingdom dig out old change.

Anyone who still has old coins has been urged to spend them or save them asap - see our £1 piggybank warning blog for more info.

However, there's no need to blow your collection of round pound coins in a blind panic.

FSB said the changeover period was "fairly short" and advised its members to continue taking the round £1 coins in order to provide a "useful community service" to customers. There's a week left until they're no longer legal tender, and the Treasury reckons around £500 million worth of them are still out in the wild.

You can also take them to the Post Office and deposit them into your bank account.

The Royal Mint said the old pound coin, first released in 1983, needs to be replaced as around one in every 30 coins in circulation is counterfeit.

And some of the country's biggest supermarkets and rail companies will not be ready to accept the 12-sided coin in time for Sunday.

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Barry Williams, trading director for Poundland, told The Daily Telegraph it was a "no brainer" to continue to accept the old coins.

Rather than rush to get rid of your round £1 coins, double check if you hold any rare ones.

About £1.2bn in old coins have been removed from the money chain. You can check out the top places for your cash using loveMONEY's savings comparison service.

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".

But with around 500 million of the old coins still in circulation with just a week to go, some shops, including the discount retailer Poundland, now look set to continue accepting them even after the deadline has passed.

The AA reported in July that more than one in five United Kingdom councils had not converted all their parking ticket machines to accept the new coin.

The British Parking Association says that most of its machines have been updated but a "small number" are still being overhauled so there is a slim chance your new £1 coin would be rejected.

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