Yahoo Finance One pound deadline: Which shops will continue to accept the old £1?
The countdown to the demise of the round pound is threatening to leave shoppers confused.
Some major retailers, such as bargain chain Poundland, say they will continue to accept the old pound coin beyond Sunday’s deadline while others, such as Lidl, have already begun to refuse them.
With an estimated 500,000,000 old £1 coins still in circulation, shoppers are being given mixed messages on where they stand.
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The Federation of Small Businesses – which represents some 170,000 traders – is urging its members to continue to accept the old pound as a “useful community service” – even though it ceases, technically, to be legal tender beyond October 15.
At that point, shops should not be handing them out in change and shoppers could be told they cannot spend them. Confusingly, though, it will be down to the individual retailer to decide whether they will accept them or not.
A spokesman for the Federation said: “Shopkeepers will be aware that the Royal Mint has this deadline but at the same time they will not want to let their loyal customers down by saying they cannot pay with a round pound if they do not have any other change.”
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The 12-sided coin was introduced in March as the Treasury and Royal Mint try to reduce the number of counterfeit coins in circulation. It’s believed about one in every 30 old £1 coins is fake.
However, it seems the pressure to empty your change jar might be in vain.
Barry Williams, managing director of Poundland, said: “Providing an extra convenience for shoppers to lighten their pockets while doing the weekly shop rather than making a separate trip to the bank or post office will come as good news.”
And some of the country’s biggest supermarkets and rail companies will not be ready to accept the 12-sided coin in time for Sunday.
Sainsbury’s and Tesco have admitted they were still racing to adapt all their trolleys to accept the new coin, while railway companies – including Govia Thameslink Railway, which operates Southern, Great Northern, Gatwick Express and Thameslink – said some ticket machines would not be ready in time.
Meanwhile, shoppers using the discount supermarket chain Lidl have been greeted with signs saying self-service tills no longer accepted round pounds – days ahead of the cut-off.
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A sign at a Tooting branch in south London informed customers: ‘Our self-service checkouts will no longer accept old £1 coins.
‘They will still be accepted on manned checkouts until October 15, 2017. Apologies for any inconvenience.’
About £1.2bn in old coins have been removed from the money chain. Adam Lawrence, chief executive of the Royal Mint, said: “As the deadline approaches, we are keen to encourage everyone to track down their final coins and use them.”
