On 15 October, the old, round £1 will cease to be legal tender. You will still be able to deposit them to your high-street bank or post office, But Luke is calling for people in Plymouth to get the message out and spend your old £1 coins before the deadline.
A few months ago, the government introduced a new and highly secure 12-sided coin to reduce the costs of counterfeits to businesses and the taxpayer. Approximately 1 in 30 of these old coins in circulation are counterfeit, so after thirty years the round £1 coin has been updated and replaced.
“There’s less than one month to go before the round £1 coin ceases to be legal tender. From midnight Sunday 15 October, shops and businesses will not be accepting round £1 coins and will not be giving them out as change.
Don’t panic, the round £1 coins held after this date will not become worthless, and you’ll be able to deposit them to high street banks and the Post Office. However they will cease to be legal tender.
That’s why it’s important you check for any old £1 coins you might have down the back of the sofa or in with your new coins. Arrangements may vary from bank to bank, so contact your bank for details if you are at all worried. Tell your friends, family and spread the word.”