£1 coin 'transition' sought as deadline looms to spend old version


He said: "The hard work of the British public has paid off and I am delighted that more than 1.2 billion round pound coins have been returned".

If someone won't accept the new pound coin after Sunday, there's nothing you can do about it.

However, the Royal Mint and the Treasury have said they want to avoid potential chaos and want a "clean break".

Tesco told us: "We've already updated the vast majority of our trolleys ahead of the old coin going out of circulation".

But some £500 million worth of old round coins are still in circulation.

There's not long to go until the old £1 ($1.32) coins are removed from circulation, meaning you will no longer be able to spend them in shops, restaurants or other retailers.

In fact, you might still be able to use those old coins to purchase train tickets, use a supermarket trolley, or use your local vehicle park for a while yet because some machines are not yet converted after six months of the new coin.

People have just one week remaining to spend their old £1 coins before businesses can refuse to accept them.

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Previously it had planned to stick to the deadline and stop allowing customers to pay with old pound coins from October 15.

And discount retailer Poundland has said more than 850 of its stores across the country will continue accepting the coins until October 31.

9, the Federation of Small Businesses (FSB) contradicted the Treasury and Royal Mint by advising the 170,000 companies it represents to keep accepting the old coin.

First introduced in 1983, the old coin was pulled as it had become vulnerable to sophisticated counterfeiters, with as many as one in 30 thought to be a fake.

So if you find an old pound coin or two down the back of the sofa after Sunday, you don't need to rush down to the bank.

While the Bank of England will swap old banknotes "for all time", the Royal Mint is unable to exchange any old coins.

The Post Office said customers can continue to deposit their old round pounds into any of their usual high street bank accounts through any post office - even after October 15 - "until further notice".

The official guidance is that the old coins cease to be legal tender from midnight on Sunday 15 October.