LONDON: Old £1 coins will no longer be accepted to make purchases after 15 October.
The new-look 12-sided quid will be the only valid £1 coin from next Sunday so any old £1 coins lying around in sofas or piggy banks around the UK need to be spent before then.
GoCompare Money estimates there are around 420 million old £1 coins stashed away that shops will no longer have to accept after the deadline at 23:59 on 15 October. Consumers are being urged to spend the old money before then.
After the deadline, coins can still be exchanged for notes at a bank, building society or post office branch. Most will also only agree to do so if you’re an account holder for a temporary period.
The Government announced the new £1 coin in the 2014 Budget and it has been described by the Royal Mint as “the most secure coin in the world”.
There have also been new coins to mark the 100th anniversary of the House of Windsor, the 200th anniversary of the modern Sovereign, the 1000th anniversary of the coronation of King Canute and to commemorate the centenary of the First World War.