News

Now it's past: The old £1 coin ceases to be legal tender today

16 October 2017

Don’t forget – from today (October 16) you are no longer obliged to accept the old round £1 coins, which were officially withdrawn last night, in your retail business. However people can still deposit the old coins in their bank accounts.

But with up to 450 million of the old coins estimated to be still in the public's hands, many retailers have said they will continue to accept them for a limited period.

Businesses can refuse to take them from Monday when they will no longer be legal tender.

The round coin, launched in April 1983, is replaced by the new 12-sided coin that entered circulation in March.

Some supermarkets and other stores said they would give shoppers some grace.

The Entertainer toyshop chain, which said it would continue to accept round £1 coins until Christmas.

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

Some shoppers have been angered that shops have continued to give round pounds as change in the run-up to the deadline.

Consumers and businesses can still bank these coins beyond Sunday night's deadline.

Martin Kearsley, banking services director at the Post Office, said: "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."

The Royal Mint has produced more than two billion round pound coins since its launch.