According to the Royal Mint the deadline for spending all your old pound coins is this Sunday. But now it turns out that it might not be, because some shops might still accept them come Monday.
The Federation of Small Businesses has advised its 170,000 members to continue accepting the old pound coins, seeing as how the changeover period has been so short. It's been nearly seven months, but ok.
Mike Cherry, the national chairman of the Federation of Small Businesses, said this:
“While no business is obliged to accept the old coins beyond the deadline, it would help if small firms knew they were allowed a short transition period to collect the old coins if they wish to and are willing to bank them - but not give out to customers. This would provide a useful community service, allowing customers a few weeks to get rid of the final few pound coins in circulation.”
That would be nice of them, and it makes sense for businesses to accept them ready for banking - rather than forcing people to queue up to swap a few quid here and there. And if they're not giving the old coins out as change, it's beneficial to everyone.
Don't count on this happening everywhere, though, since this will probably be on a store by store basis. If someone won't accept the new pound coin after Sunday, there's nothing you can do about it. They have no obligation to take it, after all. But also be aware that this doesn't mean they can hand them out as change, so don't accept them.
Poundland has confirmed that it will continue to accept the old round coins until 31st October, claiming it to be an extra convenience for its customers.
So if you find an old pound coin or two down the back of the sofa after Sunday, you don't need to rush down to the bank. Just head to a nearby shop (or Poundland branch) and see if they'll take it off your hands. [The Guardian]