Iceland accepting old pound coins until end of 2017

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Iceland accepting old pound coins until end of 2017

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Author Lauren Howells

In a commitment also mirrored by toy shop The Entertainer, Iceland has said that it will still accept payments in the old pound coin in all of its UK Iceland and The Food Warehouse stores until New Year’s Eve.

Old pound coins ceased to be legal tender on 15 October

Old pounds coins, which have been replaced by the new 12-sided £1 coin introduced in March this year, ceased to be legal tender on 15 October.Iceland accepting old pound coins until end of 2017

Iceland’s original deadline for spending “round pounds” in its stores was 31 October, giving customers a little extra time to spend their pounds after the coins lost their legal tender status. It has now extended this deadline until the end of the year.

Around £450 million of old pound coins still in circulation

Tarsem Dhaliwal, Iceland Group Managing Director said: “We try to help our customers in any way we can, and the statistics tell us that very many people must still have old pound coins stashed away in their homes or cars. So we are happy to save them the trouble of changing these old coins at a bank by allowing them to spend round pounds in our stores until the end of the year.”

This announcement follows headlines that £450 million had been ‘lost’ overnight after the old pound coin had been withdrawn, with the Royal Mint estimating that around £400 million to £450 million worth of old pound coins are still in circulation.

“Not clear whether the Royal Mint entirely approves”, says the Guardian

According to an article in the Guardian, it is reportedly “not clear” if the Royal Mint “entirely approves” of decisions by shops to do this. The Royal Mint reportedly told The Independent: “Businesses told us they wanted certainty on a cut-off date for the old pound coin, which is why we introduced the 15 October deadline. While the majority of firms tell us they are ready, the small minority who choose to keep accepting the old coin will have to make their own arrangements with their banks.”

Some banks still taking old £1 coins

Those who don’t want to spend their old pound coins with any of the retailers who have extended their deadline may still be able to deposit them into their bank.

According to MoneySavingExpert, major banks and building societies such as Lloyds, Natwest and RBS are still accepting the old pound coins as deposits from their own customers.

Individual banks have different policies, so check before making a trip to do this.

The Royal Mint announced that it was to manufacture a new £1 coin back in 2014 after the old round pound had become “increasingly vulnerable to counterfeiting”.

 

By | 2018-12-14T09:34:12+00:00 November 3rd, 2017|Personal Finance|0 Comments

About the Author:

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After completing her law degree, Lauren decided to follow her passion for writing. She regularly contributes articles to CLNews on personal finance and general consumer topics.