The old ’round pound’ coin, that is being replaced with the newer dual metal multi-edged coinage you’ll doubtless have seen in circulation already, are being phased out.
There is a deadline of next Sunday 15th October and after that date retailers are no longer obliged to accept the old round pound coins.
Needless to say, for an indefinite period, you’ll be able to bank the old coins at banks and post offices. So if you do have some left after that date, it’s not the end of the world.
However, there have been calls to extend the transition. And it has also been noted that some shops will keep on accepting them too after the 15th. The Bank of England and the Royal Mint estimate that there May still be 500 million of the old coins in circulation.
FSB national chairman Mike Cherry said: “The changeover period has been fairly short. While no business is obliged to accept the old coins beyond the deadline, 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 – but not give out to customers. This would provide a useful community service, allowing customers a few weeks to get rid of the final few pound coins in circulation.”
It might also be worth keeping hold a few of the old coins. Apparently many supermarket trolleys and rail ticket machines Are not ready for the changeover. So, if you need a quid for the supermarket trolley, it’s best to have an old one to hand.
It’s perhaps one of the benefits of being an online retailer that you don’t have to deal with currency transitions of this type but it’s well worth having a rummage down the back of the sofa over the next few days in any case.