Britain’s old £1 coins are no longer legal tender

By Colin Sallee

Published: Oct 16, 2017, 12 PM

The Oct. 15 deadline has arrived, and British businesses may now refuse to accept the old round pounds in payments since their legal tender status has been canceled. However, a few firms are still accepting them past the deadline.

Image courtesy of iStock/Getty.

Old round pound coins are no longer legal tender as of midnight on Sunday, Oct. 15 — however, a few shops are still willing to welcome them.

According to ITV, although over 1.2 billion round pound coins were traded in over the last six months, Royal Mint officials estimate roughly £500 million worth of the outdated coins remain in circulation.

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The coins were replaced in March by a 12-sided pound coin having sophisticated technology making the coins much harder to replicate, according to the Royal Mint.

The end of legal tender status for the old coins means that businesses will no longer pay them out in change. Businesses can now also reject the old coins when customers tender them in payment. However, a few businesses have announced they will still accept the outdated coin.

Poundland, a discount store that boasts more than 850 locations across the country will accept the coins in payments until Oct. 31.

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Britain’s biggest supermarket, Tesco, to accommodate some customers who may still have an excess of coins, will accept the coins for an additional week past the Treasury deadline.

As for the other major coin outlets?

Several banks and post offices of Britain are taking similar approaches, continuing to accept the round pounds as deposits, but in the lead-up to Oct. 15, many had encouraged all customers to get their deposits in before Sunday’s deadline. Neither the banks or post offices had announced a final date when they will stop accepting the old coins.

According to the Treasury, businesses encouraged the government to announce a specific date for ending the legal tender status of the old coins rather than allowing them to be used in commerce indefinitely.

A spokesman for the Treasury said: “Businesses told us they wanted certainty on a cut-off date, which is why we introduced the October 15 deadline. We have worked tirelessly with businesses for several years to support their preparations for this, including launching a campaign a year ago to help firms educate their workers.”

For the enthusiasts out there, check out the last round pound coins being minted, in the video below, published on Dec. 16, 2015.