Aldi to accept old £1 coin for two weeks after deadline


Aldi to accept old £1 coin for two weeks after deadline

The old pound coin will officially lose its legal tender status as of midnight Sunday 15 October 2017, meaning it won't be accepted anywhere in the UK.

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

But many institutions across the country may still accept payments with the old coin after the cutoff date, although they will no longer be able to use it when giving change to customers.

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

It was also warned that continuing to accept the old £1 coins leaves businesses at risk of accepting counterfeits.

The new coin, which was put into circulation on March 27, is supposed to fully replace the old one, which will no longer be legal tender, on October 15.

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. "This would provide a useful community service, allowing customers a few weeks to get rid of the final few pound coins in circulation".

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.

And the switch has raised concern that piggy banks, coin jars and savings could soon be worthless if not spent/cashed in.

"Thanks to an agreement with all United Kingdom high street banks, everyone can deposit old pound coins into their usual high street bank account at their local Post Office branch while visiting us to pay bills, pick up online shopping, collect foreign currency, withdraw cash, deposit cheques or any of the many other reasons to pop in".

The new coin, of which 1.5 billion copies have been made, is "the safest in the world", said Kevin Clancy, director of the Royal Mint Museum.

"They can do this even after 15th October".

The 12-sided £1 coin has all new dimensions, it is thinner than the old coin and measures just 2.8mm in thickness.

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.