Where You Can Bring Your Old Round Pounds After the October 15 Deadline

It is all change for the pound as the round pound ceases to be a legal tender after this weekend. So how can you discard your old coins, and where can you do it?

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

The £1 coin remains to be a legal tender until midnight on Sunday, October 15. After then, firms can stop accepting it and they shall not give it to you like change.

:: Does that mean I will not be able to spend my round pounds after this date?

This would depend on where you shop. Some shops, such as Tesco, Poundland, and Iceland plan to continue accepting round pounds for a brief period of days afterwards.

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

:: What about banks?

Some major banks and building societies have announced that their customers can continue to deposit the old round pounds that are with them after October 15 – so if you do discover some coins wedged down the sofa in the coming weeks, you can still deposit them in the bank.

The Post Office is also another place where you can bring your old round pounds after Sunday. People will still be able to deposit the old coins into their normal high street bank accounts through the Post Office.

:: What about machines that take coins?

The British Parking Association says that it is “confident that the majority of parking machines are ready or will be ready to accept the new £1 coin.”

It says that it has advised members to make sure that there are enough alternatives for motorists to pay for their parking, including smartphone and card options, as well as other cash denominations.

Meanwhile, the chief executive of the Automatic Vending Association (AVA), Jonathan Hart, stated: “We believe that all machines owned by AVA members (around 380,000) are now accepting the new £1 coin.”

The AVA, which stated that it has worked closely with the Royal Mint throughout the preparation and planning of the new £1 coin, added that it has no access to information on those machines that are not owned by its members.