Most shops will continue to accept the round pound beyond the deadline on Sunday.
Aldi, a discount supermarket, and Greggs, a nationwide bakery chain are the newest big-name retailers to confirm that they will allow customers to spend the old £1 coins.
They join the likes of Poundland, Tesco, the UK’s largest supermarket, and many other smaller businesses which will accept the round pound even after Sunday – when it becomes illegal tender technically.
Aldi stated: “We’ve been ready to accept the new £1 coins since they first came into circulation in March.
“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.”
Greggs has not announced when it will stop taking the round pound as payment.
The 12-sided £1 coin is set to replace the round pound. The Royal Mint says that the 12-sided £1 coin is the world’s most secure currency because of its mix of metals, design, and secret security features.
The latest estimates reveal that over 1.2bn round pounds have been withdrawn from circulation – leaving at least 450 million in the hands of the public.
One in thirty old £1 coins is assumed to be counterfeit – hence the need to introduce a more secure form of the said currency.
The new 12-sided coin was launched in March, having been first announced months beforehand.
However, despite this, various retailers announced that they are still not ready for the transition. For example, many supermarket trolleys, are not able to accept the new shape coin.
Councils states that they are having a difficulty in converting car park meters and many vending machines will not be ready in time.
The Federation of Small Businesses, which represents around 160,000 firms, stated: “Shopkeepers will be aware that the Royal Mint has this deadline but at the same time they will not want to let their loyal customers down by saying they cannot pay with a round pound if they do not have any other change.
“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.”
If consumers have not yet managed to spend or save your old £1 coins by Sunday, then their bank or building society should still accept the coins as cash deposits.
Similarly, principal Post Office branches will be able to accept them, again as part of a deposit into a bank account.