5 days ago

Deadline for old pound coins coming soon

Millions of old round-pounds bound to be found in last-minute pound round

The official deadline for spending the old round-pounds is coming up in just a couple days – we only have until 23:59 on the 15th of October.

After this deadline, you can take your old round pound coins to your local bank or Post Office and exchange them there. After 23:59 on October 15, businesses are not required to accept the old round pounds as legal tender.

There is estimated to be £420 million pounds worth of old round-pounds in circulation, as such, thousands of shops – including Poundland, fittingly enough - have announced that they will continue to accept them for a limited time after the official deadline.

The reason for the sudden cut-off of the old round pounds is due to the fact that they are easily replicable, which has led some experts to believe that as many as 1 in 30 old round pounds in circulation at the moment may in fact be counterfeit. The new 12-sided pounds are being touted as “the most secure coins in the world” – the truth of this statement is yet to be tested, however.

So, how many of you knew about this? Be sure to leave a comment below!