Thursday, 19 July, 2018

Aldi to accept old £1 coin for two weeks after deadline

Melissa Porter | 11 October, 2017, 20:05

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.

Deputy master of The Mint, Adam Lawrence, said: "The round pound has been in circulation for over thirty years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them".

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

Retailers have been warned that they have just five days until old pound coins are no longer legal tender. "To make the transition as easy as possible for our customers, we will continue to accept the old £1 coins as payment across our stores until 31 October".

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

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.

According to data, around one in every 30 round pound coins is a dud with the new £1 coin boasting new security features.

The firm will allow customers to pay with the old-style coins for a week after the October 15 deadline imposed by the Royal Mint.

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.

The Treasury is urging customers to spend their coins.

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".

Although the last date to spend your old coins is technically this Sunday, some businesses will still be taking 'em while we get used to the change.

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

If you do not want to risk being caught out though, bear in mind that shops are not obliged to accept your old round pound after October 15, so it would be wise to offload your old coins by banking, spending or giving them to charity before then.