The Deadline of the Round Pound is Rolling in as Millions Remain in Pockets of Consumers

As the coin discontinues to become legal tender, retailers and shoppers are preparing to say goodbye to the old “round pound.”

After it was unveiled, hundreds of millions of coins are yet to be handed in. However, only hours remain before the coin rolls out of general circulation.

Major banks and building societies have announced that they will still accept deposits of the old round pound after the deadline on October 15, Sunday.

People can also deposit them through the Post Office or into any of their usual high street banks after this date.

The banking services director at the Post Office, Martin Kearsley, stated: “Thanks to an agreement with all UK high street banks, everyone can deposit old pound coins into their usual high street bank account at their local Post Office branch.”

Some major stores have announced that they will provide shoppers with an extra window of opportunity to use their old pound coins after the 15th of October.

Poundland and Iceland have announced that they will continue to accept the old round pound until the 31st of October, while Tesco has announced that it will continue accepting the old-style coins for a week after the deadline on October 15.

One pound coins were initially launched on the 21st of April 1983 as a replacement for the £1 notes. More than two billion round pound coins have been produced by the Royal Mint since that time.

The new 12-sided pound coin, which is almost similar to the old threepenny bit, has been in circulation since March of this year and it boasts of new high-tech security features to prevent counterfeiters.

The creation of the new coins follows concerns regarding round pounds being vulnerable to advanced counterfeiters. It is estimated that one in every 30 old-style pound coins in people’s change in recent years has been counterfeited.

Trade bodies state that the industry has been working vigorously to update machines in time for the deadline. However, there may be some cases where some people find that they are caught short.

The British Parking Association has stated that it is certain that the most of the parking machines are ready or will be ready to accept the new £1 coin. The Automatic Vending Association (AVA), on the other hand, said that it believes that all machines that are owned by its members are now accepting the new coin.