UK

Old Pound Coins Are No Longer Legal Tender - But All Is Not Lost

We can't be the only ones who keep finding them?

16/10/2017 11:57 BST | Updated 16/10/2017 12:04 BST

Old style round pounds are no longer officially legal tender in the UK - but all is not lost if you keep finding them down the back of your sofa.

Up to 450 million of the old £1s are estimated to still be in the public’s pockets despite the official deadline of Sunday 15 October.

Some retailers, however, have said they will continue to accept the old coins past the deadline.

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The old round £1 coins are no longer officially legal tender

Tesco said it would give customers a week’s grace, while Iceland, Aldi and Poundland will let people spend it until the end of the month.

Greggs has said it will continue to accept the old pound, though has not specified a cut-off date.

The Entertainer toy shop has also said they will accept the old-style coins until the end of the year, so any children smashing open those piggy banks to buy Christmas presents will hopefully not be disappointed.

If you really want to do some good though, why not donate your old coins to charity?

Research by YouGov for the Royal Mint actually found that around 5% of the public planned on donating their leftover coins to a good cause, so here are some initiatives to consider...

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The new pound coin is far more secure than its old version

Major banks and building societies will accept deposits of old coins after 15 October, although they are not required to indefinitely. No concrete cut-off date has been set.

Post offices may also exchange coins after this date, though people should check with their local branch.

Old coins can be returned to the Treasury, although in a further display of the confusion which appears to be reigning around the switchover, in August the Treasury revealed half of all coins that were being returned are actually the new ones.