The Royal Mint is in for a pounding
By Teamspirit on Sunday, 8 October 2017
This Sunday marks the last day that shops and businesses should accept the old, round pound coin.
However, with a week to go until the deadline, and 500 million old coins still in circulation, some businesses have announced that they will ignore the Royal Mint’s instructions and continue to accept them until the end of the month.
According to advice on the Royal Mint’s website, businesses are under no obligation to accept the old pound coin after October 15th, and shouldn’t circulate the coin by giving them back to customers.
But, several banks and businesses, including Poundland, which has 850 stores across the country, have said that while they’ll no longer give the old coin out as change, they will continue to accept it as payment for at least another few weeks.
With the change over period having been relatively short (the new 12-sided pound coin entered circulation in March), and supplies of the new coin apparently running a little low, the hope is that a lengthier unofficial transition period will help keep consumers spending while giving the Royal Mint more time to distribute the new coin.