Stores to carry on ac­cept­ing old style pound coins

Hinckley Times - - NEWS -

TESCO has joined Pound­land in an­nounc­ing it will con­tinue to take the old style round pound coins af­ter they cease to be­come le­gal ten­der.

The dead­line for use as im­posed by the Royal Mint is October 15 but both re­tail giants have said they will ac­cept the round pounds af­ter this.

Cus­tomers will still be able to use the coins at Tesco for a week af­ter the dead­line while Pound­land say they will ac­cept the coins un­til October 31. A Tesco spokesman said: “We’ve been up­dat­ing our sys­tems ready for the new pound coins but to help cus­tomers who still have the old coins, we’ll con­tinue to ac­cept round pounds at our tills and self­ser­vice ma­chines for an ad­di­tional week.”

From mid­night on Sun­day October 15, the round pound will lose its le­gal ten­der sta­tus, mean­ing stores can­not hand out old pound coins as change and can refuse to ac­cept them as pay­ment.

Peo­ple have been urged to rum­mage through their wal­lets, coat pock­ets, piggy banks and so­fas so that they can spend them, bank them or give them to char­ity be­fore this date.

But as well as Tesco and Pound­land, the Fed­er­a­tion of Small Busi­nesses has ad­vised mem­bers to con­tinue ac­cept­ing the round coins as a “use­ful com­mu­nity ser­vice” to cus­tomers.

Around 500 mil­lion old round pounds are be­lieved to still be in cir­cu­la­tion.

The new 12-sided pound coin, which re­sem­bles the old three­penny bit, en­tered cir­cu­la­tion in March and boasts new high-tech se­cu­rity fea­tures to thwart coun­ter­feit­ers.

The pro­duc­tion of the new coins fol­lowed con­cerns about round pounds be­ing vul­ner­a­ble to so­phis­ti­cated coun­ter­feit­ers. Around one in ev­ery 30 old­style pound coins in peo­ple’s change in re­cent years has been fake.

All ma­jor banks will ac­cept and ex­change the round coins, as well as the Post Of­fice. Many char­i­ties have also said they will wel­come the coinage.

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