Only one week left to use old £1 coin

There is just one week remaining to use the old £1 coin before businesses stop accepting them.

The new coin, which was released earlier this year, will be the only form of legal tender for the currency as of 16 October 2017.

After that date, most banks and post offices will be accepting the coin for deposit.

Some shops will ignore the deadline and continue to accept the coin but most businesses will not. Some 1.2 billion have been returned so far but around 500 million remain in circulation.

A spokesman for the Federation of Small Businesses said: “Shopkeepers will be aware that the Royal Mint has this deadline but at the same time they will not want to let their loyal customers down by saying they cannot pay with a round pound if they do not have any other change. The changeover period has been fairly short.”

They added: “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, but not give out to customers.

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