There's only a few days left to spend your old pound coins


The Treasury and The Royal Mint have urged families to hunt down any remaining coins and spend, bank or donate them to charity.

"Retail NI's advice is clear to retailers and is line with what the Royal Mint is advising".

From October 5 to November 17, customers will be able to donate their round £1 coins at over 3,000 Post Office branches across the country.

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Britons have until October 15 to spend or bank old pounds coins, before they cease to be legal tender.

If you miss the deadline though, all is not lost as HSBC, Barclays, Nationwide, RBS, Santander and Lloyds/Bank of Scotland have all told Money Saving Expert that they will swap the coin but for their customers only.

Banks will continue to accept the coins in deposits until further notices, as will the Post Office. The Post Office is also expected to accept the old coins.

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Over 1.2 billion of the old coins have been returned in the past six months but around 500 million are still thought to be in circulation ahead of the deadline.

A spokesman for the Federation of Small Businesses told the Telegraph: "Shopkeepers will be aware that the Royal Mint has this deadline but at the same time they will not want to let their loyal customers down by saying they can not pay with a round pound if they do not have any other change". "If that equipment continues to accept round £1 coins then they may be at risk of being targeted with counterfeit coins".

Ritu Vohora investment director at M&G said: "While many shops are saying they will continue to accept the round £1 coin after 15 October lots of people have already started to check their piggy banks and glove compartments so they can spend or bank their round pounds".

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Some supermarkets have yet to update their trolleys to take the new coin, so it may be worth keeping an old one handy for a few weeks. "However, the round £1 coin can continue to be deposited into a customer's account at most high street banks and the Post Office".