We will still accept the old round pound coins, says Wolverhampton shopkeeper

GETTYThe deadline to spend old pound coins is set to give the economy a boost

The old coin remains legal tender until midnight on Sunday.

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.

The discount retailer has joined the ranks of Tesco and Poundland in extending its deadline past October 15 when the old pound coins cease to be legal tender.

However, this doesn't mean they can't allow customers to pay with them.

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.

Baroness Neville Rolfe, commercial secretary to the Treasury, said: "Our message is clear - if you have a round one pound coin sitting at home or in your wallet, you need to spend it or return it to your bank before October 15".

The process of replacing the coins - which have been in circulation for 33 years - began in March with the release of of the 12-sided version.

Production of the new coins follows concerns about round pounds being vulnerable to sophisticated counterfeiters. After that time, businesses can stop accepting it and will not automatically be giving it as change for notes.

People may also find they can still hand in the old £1 coins at the Post Office after this date.

With less than a week to go, about 500 million are still in circulation.

Deputy master of The Mint, Adam Lawrence, said: "The round pound has been in circulation for over thirty years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them".

Prior to the introduction of the coin, which includes new high-tech security features to prevent counterfeiting, one in 30-pound coins we fake.

Several charities will be collecting the coins to raise funds.

MoneySavingExpert has said that there are some banks and building societies who will accept the old coin after that date.

Speaking ahead of the deadline, which falls at the end of this week, independent retailer representative body Retail NI's Glyn Roberts urged retailers to take the October 15 deadline seriously.

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