The old "round pound" is being replaced by the new 12-sided coin, a move that is being taken to cut down on the number of fake coins in circulation - with the new design much harder to replicate.
THE old one-pound coin is being phased out completely on Sunday (15) but United Kingdom businesses said they have been given too little time to switch to the new one and many are planning to defy the deadline.
RBS/NatWest, Santander, Nationwide Building Society and Lloyds Banking Group, which includes Halifax, also said they will continue to accept round pounds as deposits from their own customers after they cease to be legal tender.
ANYWAY, the point we're trying to make is that the old quid coin will essentially be obsolete as of this weekend after the actual Bank of England announced they'll no longer be accepted as legal tender from October 16th. People will still be able to deposit the old coins into any of their usual high street bank acco unts through the Post Office. Speaking to the Express & Star, he said: "We will still be accepting them as long as the bank takes them from us".
A trade organisation representing 170,000 businesses has advised its members to continue taking the round coins, because the changeover period has been so short.
According to data, around one in every 30 round pound coins is a dud with the new £1 coin boasting new security features.
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The UK's largest retailer, Tesco, said earlier this week that it would allow its shoppers to pay with the round pound coins at tills and self-service machines for an extra week in apparent defiance of the 15 October deadline the Royal Mint has imposed.
"After October 15, the 12-sided £1 coin will be the only £1 coin being spent in the UK". The Royal Mint has produced more than two billion round pound coins since that time.
The old pound coins that are returned to the treasury will be melted down and reproduced into the new 12-sided coins.
When does the round £1 coin cease to be legal tender?
However, there has been confusion over the withdrawal of the coins, with some shops pledging to continue accepting the pounds coins after the October 15 deadline.
RBS/NatWest also said it would encourage customers to try to hand in their old coins as soon as possible.