The old £1 coin stops being legal tender today. What can you do with round pounds?

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The old ’round pounds’ cease to be legal tender after October 15th. What can you do with old £1 coins?

How long will old £1 coins be around for?

The old £1 coin will be legal tender until October 15th. It doesn’t actually mean that shops have to accept both old and new coins until October 15th, but they can take both if they wish to. If you’re paying by self service machine, you should be told which £1 coin to use, unless the machine accepts both. From October 16th shops don’t have to accept the old £1 coin, and you shouldn’t be given any of the ‘round’ £1 coins in change.

Round pound coins after October 15th

If you still have some old £1 coins after October 15th, you can pay them in at your bank or Post Office. But check whether there’s an upper limit on how much you can pay in.

Option one: spend them!

One or two shops, including Poundland will accept old £1 coins after today. Poundland will carry on accepting round pounds until October 31st. Tesco will take them until October 22nd. Some independent shops may continue to accept them, but they’re within their rights not to.

Option two: pay them in at the Post Office

You can pay round pounds into your bank account after October 15th at any Post Office branch (and there are 11,600 of them in the UK) . You cannot exchange old pound coins for new ones, you can only pay them into your own bank account.

SAVVY TIP: You can pay your £1 coins into your bank account at the Post Office if you have an account with one of the high street banks or building societies, or several of the challenger banks. However, not all banks have this agreement with the Post Office. You can check if your bank is on the list on the Post Office’s website.

Option three: pay them in at your own bank

Several high street banks, including Lloyds (which includes Halifax and Bank of Scotland), HSBC, NatWest and RBS have told me that they’ll let their customers pay old £1 coins into their own accounts for the forseeable future.

Option four: donate them to charity

Several charities are also appealing for old £1 coins. They include BBC Children in Need. You can take round pounds to any major bank or building society, the Post Office, Greggs, Cineworld or Welcome Break. There will either be Children in Need collection boxes or, if you’re at a bank or post office, you can tell the cashier you want to make a donation. You can find out more on the BBC Children in Need website.

The new £1 coin

A new 12-sided £1 coin was introduced on March 28th. The old ’round’ £1 coin was replaced because it was too easy to forge.

The new £1 coin:

  • Is made of two different metals; the outer ring is gold coloured and the inner ring is silver coloured.
  • Has tiny lettering just inside the edge of the coin. On one side it will have the words ‘one pound’ and on the other it will have the year the coin was made.
  • Has a hologram-like image that changes from a £ sign to a 1.
  • Features an English rose, a Welsh leek, a Northern Irish shamrock and a Scottish thistle on the ‘tail’ side.

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