ibusinesslines.com
ibusinesslines.com July 18, 2018


Traders to defy pound coin deadline

11 October 2017, 08:09 | Melissa Porter

ANYWAY, the point we're trying to make is that the old quid coin will essentially be obsolete as of this weekend after the actual Bank of England announced they'll no longer be accepted as legal tender from October 16th.

He is among a number of shops, including Black Country-based Poundland where people will still be able to pay with the old coins.

"If the stage came where the bank would not take them then maybe we would have to have a think".

The Post Office is also expected to accept the old coins.

The country's main banks, Barclays, Natwest, Lloyds and Santander and the Post Office have also announced that they will continue to accept the round coin after October 15. About 500m are believed to remain in circulation.

A trade organisation representing 170,000 businesses has advised its members to continue taking the round coins, because the changeover period has been so short.

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".


Martin Kearsley, banking services director at Post Office said: "We would like to reassure anyone who is unclear on what to do with their old £1 coins that the Post Office is here for you".

The new 12-sided £1 coin became legal tender on 28 March 2017 and now with one billion coins having passed through the Royal Mint production line, it's time to say farewell to its predecessor.

However, the postal service won't swap old pound coins for new ones.

Consumers who find old pound coins after the deadline can take them to any Post Office branch and deposit them into high street bank accounts.

Baroness Neville Rolfe, commercial secretary to the Treasury, said: "Our message is clear - if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before October 15".

The firm will allow customers to pay with the old-style coins for a week after the October 15 deadline imposed by the Royal Mint.

RBS/NatWest also said it would encourage customers to try to hand in their old coins as soon as possible.



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