Business

Call to exchange old pound coins before October deadline

The old round £1 coin will cease to be legal tender from October 15, 2017
Gareth McKeown

The Consumer Council is urging consumers to round up their old £1 coins and either spend, or exchange them at the bank or Post Office, before they become worthless next month.

The old round £1 coin will cease to be legal tender from October 15, 2017 and will no longer be accepted in retail outlets. According to Royal Mint, an estimated one in 30 old £1 coins are fake, and the new 12-sided design makes it far harder to produce counterfeits.

Philippa McKeown Brown, head of consumer empowerment and protection at the Consumer Council, said:

“It's time to check the piggy-banks and money jars for £1 coins and to either spend them at the shops or exchange them at the bank or Post Office, because as of October 15, 2017 the current round £1 coins will cease to be legal tender and will no longer be accepted.”

For more information visit www.thenewpoundcoin.com

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