Old pound coins to be accepted during 'transition'

Old pound coins to be accepted during 'transition'

They were replaced by the new 12-sided pound coin in March.

Around one in every 30 old-style pound coins in people's change in recent years has been fake.

From midnight on Sunday the coin will no longer be legal tender and no longer accepted in shops and restaurants.

Here are six things to do now if you have some.

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The Royal Mint has produced more than two billion round pound coins since that time.

Some major retailers, such as bargain chain Poundland, say they will continue to accept the old pound coin beyond Sunday's deadline while others, such as Lidl, have already begun to refuse them.

What's more, many retailers are also likely to ignore the deadline 15 October deadline.

And many smaller businesses look set to follow suit, after a trade association representing 160,000 members, including shops and self-employed people, urged its members to keep taking the old coins. After this date only the new 12-sided pound will be legal tender.

Rather than rush to get rid of your round £1 coins, double check if you hold any rare ones.

New pound coin
GETTYNew pound coin The new coin has a 12-sided bimetal design

There are 25 variations of the old coin, the rarest of which is now available on auction sites for £35.

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

If you have a few £1 coins rattling around in your change then using them over the next few days makes sense.

You can also donate to charity such as the Pudsey's Round Pound Countdown.

Chief executive and deputy master of the Royal Mint Adam Lawrence said: "The round pound has been in circulation for over 30 years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them".

The new 12-sided pound coin should prove to be a much more secure form of currency though, being packed with security features to combat fraud and counterfeiting.

Sainsbury's and Tesco have admitted they were still racing to adapt all their trolleys to accept the new coin, while railway companies - including Govia Thameslink Railway, which operates Southern, Great Northern, Gatwick Express and Thameslink - said some ticket machines would not be ready in time.

The Exchequer Secretary to the Treasury, Andrew Jones, MP, said that 1.2 billion round £1 coins have been returned so far.

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