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You can't use your old pound coins after THIS WEEKEND

11 October 2017

Poundland, a chain of shops where nearly all items cost £1, extended the period during which its customers would still be able to pay with the old coin until October 31.

He is among a number of shops, including Black Country-based Poundland where people will still be able to pay with the old coins.

The Post Office have also moved to reassure customers that they will be able to exchange old £1s after the 15th, saying: "We would like to reassure anyone who is unclear on what to do with their old £1 coins that the Post Office is here for you".

"If the stage came where the bank would not take them then maybe we would have to have a think".

The Federation of Small Businesses says continuing to accept the coins would be a "useful community service" to customers.

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Discount retailer Poundland has said more than 850 of its stores across the country will continue accepting the coins until October 31.

Around 1.2 billion old round coins have been withdrawn from circulation but about 500 million are remaining with less than a week to go.

"All round £1 coins should have been banked".

While there was much interested around the new 12-sided coin, hoarders with stashes of old £1 coins have been warned to cash them in sooner rather than later, before they are useless, and worthless! After that time, businesses can stop accepting it and will not automatically be giving it as change for notes.

"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".

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

The new pound coin has also been hailed as the most secure in the world, on their website, The Royal Mint said: "Its distinctive shape makes it instantly recognisable, even by touch".

The reason behind the new coins is that they will be harder to forge as one in 30 of the old round ones were thought to be fake.

"This deadline is going to be a challenge given that multiple retailers have chose to be more flexible and continue to accept the old £1 coin from shoppers after 15th October", he said.

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You can't use your old pound coins after THIS WEEKEND