The old round pound coins cease to be legal tender on Sunday 15 October. Have you spent all yours, and is this changeover more trouble than it’s worth?
It was heralded as the ‘most secure coin in the world’. Boasting several anti-counterfeiting features, the new 12-sided £1 coin was set to launch a safe new era of cash in the UK.
Earlier this year, we asked if you thought the ‘new quid on the block’ was set to cause trouble and many of you saw the chaos coming.
Legal tender deadline
Some six months after the new £1 coin entered circulation, we’re still receiving reports of vending machines and self-service tills not accepting them.
What’s more, with less than seven days until the old round £1 coins cease to be legal tender, reports suggest there are still more than 500 million in circulation.
An estimated one in 30 of the old round pounds in circulation were counterfeited, so there was a clear need for a more secure replacement.
But, weeks after the new pound was circulated, numerous reports of faulty coins emerged.
Now, with days until the old coin ceases to be legal tender, the Federation of Small Businesses is urging its members to ignore this deadline and continue accepting the old coin.
It’s been far from a smooth introduction.
What to do with your old £1 coins
If you’re handed a round pound in your change, you’re within your rights to ask for it be replaced with a new one.
Old £1 coins can still be traded in at most banks, building societies and post offices after this Sunday. Still, we’d urge you to spend, bank or donate any old £1 coins you have lying around within the next few days.
How do you feel about the transition to the ‘most secure coin in the world’. Are teething pains like these inevitable? What are your plans for the remaining old £1 coins in your spare change?