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

Those are the words of Wolverhampton shopkeeper Harbhatan Singh, who has run the Select & Save shop in Bushbury for more than 15 years and says he will still accept old pound coins when they cease to be legal tender next week.

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

From midnight on Sunday, October 15, the round pound will lose its legal tender status, meaning stores cannot hand out old pound coins as change and can refuse to accept them as payment. But Mr Singh assured his customers that it would not affect them. Speaking to the Express & Star, he said: “We will still be accepting them as long as the bank takes them from us.

“We would certainly not send anyone away. To us we want the customer to be happy, so it wouldn’t matter.

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

“But for the time being there would be no problem.”

He continued: “We still get old £5 notes coming in too, sometimes people forget what they have in their wallets.

“It’s ok as long as we can still change them, as we go to the bank three or four times a week.”

Mr Singh added: “We still do get quite a few of the old pound coins coming in.

“But it does seem like they are gradually being phased out now.”

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

And a trade association representing small shops has advised its members to continue accepting the round coins to provide a “useful community service” to customers.

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.

“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.”

Major banks have said that while they encourage customers to allow enough time to hand in their old coins, they will continue to accept deposits of round pounds from their customers after October 15. People may also find they can still hand in the old £1 coins at the Post Office after this date.

With just a week to go, around 500 million old round pounds are still in circulation. Exchequer Secretary to the Treasury Andrew Jones said people have returned more than 1.2 billion of the old coins in the past six months.

He said: “The hard work of the British public has paid off and I am delighted that more than 1.2 billion round pound coins have been returned.”

Chief executive and deputy master of the Royal Mint Adam Lawrence said: “The round pound has been in circulation for over 30 years but, as the deadline approaches, we are keen to encourage everyone to track down their final coins and use them. As the deadline is triggered, we are proud that the security features on the 12-sided £1 coin will help to safeguard our currency for years to come.”

The new 12-sided pound coin, which resembles the old threepenny bit, entered circulation in March and boasts new high-tech security features. One pound coins were first launched on April 21 1983 to replace £1 notes. The Royal Mint has produced more than two billion round pound coins since that time.

The Post Office said customers can continue to deposit their old round pounds into any of their usual high street bank accounts through any post office - even after October 15 - “until further notice”.

The Post Office is also taking part in “Pudsey’s round pound countdown” - collecting old round £1 coins for BBC Children in Need.

Barclays said its own customers can continue to deposit their old round pounds into their accounts with it after October 15, but added: “We would recommend that customers allow sufficient time to return old coins rather than leave it until legal tender status is withdrawn.”

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.

RBS/NatWest also said it would encourage customers to try to hand in their old coins as soon as possible.