What can you do with your old round pounds when the coin goes out of circulation?
- Credit: PA
The old round pound will not be around for very long with it going out of circulation on Sunday October 15. So how can you offload your old coins, and where can you do it?
When does the round £1 coin cease to be legal tender?
The £1 coin remains legal tender until midnight on Sunday October 15. After then, businesses can stop accepting it and they will not be able to give it to you as change.
Does that mean I will not be able to spend my round pounds after this date?
This could depend on where you shop. Some stores, such as Tesco and Poundland, plan to continue accepting round pounds for a short period of days afterwards.
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If you do not want to risk being caught out though, bear in mind that shops are not obliged to accept your old round pound after October 15, so it would be wise to offload your old coins by banking, spending or giving them to charity before then.
What about banks?
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Several major banks and building societies have said their own customers can continue to deposit the old round pounds with them after October 15 - so if you do find a few wedged down the sofa in the coming weeks, you can still bank them.
The Post Office is another place where you can take your old round pounds after this date. People will still be able to deposit the old coins into any of their usual high street bank acco unts through the Post Office.
What about machines that take coins?
Norwich City Council has confirmed all council-owned parking machines in the city now accept the new £1 coin but it has warned drivers that from October 15, when the old 'round pound' coins stop being legal tender, all the machines will only accept the new £1 coins.
The British Parking Association says it is 'confident that the majority of parking machines are ready or will be ready to accept the new £1 coin'.
It says it has advised members to ensure there are enough alternatives for motorists to pay for their parking, including card and smartphone options, as well as other cash denominations.