LONDON — Britain’s old £1 coins cease to be legal tender next Monday, leaving people with just 7 days to spend the round coins.
The Royal Mint introduced a new 12-sided pound coin in February and the deadline for the phasing out of the old coins is midnight on October 15, which is next Sunday. After that, the coins will cease to be legal tender, meaning shops are no longer obliged to take them.
People will still be able to trade them in for new coins at their bank or the Bank of England, but the Royal Mint is urging people to spend the money so that the old coins can be naturally taken out of circulation.
The Mint said in February when it announced the new coins: “The public is being urged to spend their ’round pounds’ as soon as possible before 15 October 2017, as they will be re-used to make the new £1 coin.”
Go Compare Money told the Telegraph that it estimates around £430 million worth of old coins are still being stored in piggy banks, car glove boxes, and coin jars around the country.