They announced this a few months ago and the reporting in the press was as inaccurate then as it is here.
They do cease to be legal tender but that's not really relevant unless you're using them to settle a debt.
The shops will be instructed to stop taking them after that date so its true you will no longer be able to spend them in shops.
However they do *not* become worthless. There is no set limit on when banks will stop exchanging old coins for new ones and you will probably be able to for a long time. I actually emailed the Royal Mint about this and this is what they said:
There's also a FAQ here:
https://www.thenewpoundcoin.com
If in doubt, ask your own bank.
They do cease to be legal tender but that's not really relevant unless you're using them to settle a debt.
The shops will be instructed to stop taking them after that date so its true you will no longer be able to spend them in shops.
However they do *not* become worthless. There is no set limit on when banks will stop exchanging old coins for new ones and you will probably be able to for a long time. I actually emailed the Royal Mint about this and this is what they said:
As indicated by the press statement we would encourage you to return the current round £1 coin by the 15th October 2017 when the coin’s legal status is removed. However, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most High Street Banks including RBS, NatWest, Ulster, HSBC, Barclays, Lloyds, Santander, Nationwide, Clydesdale, Yorkshire Bank, Halifax, Bank of Scotland and The Post Office after this date. It may be possible to exchange £1 coins at these banks and the Post Office provided you hold an account with them.
https://www.thenewpoundcoin.com
If in doubt, ask your own bank.
Comment