Several UK Retailers To Extend Pound Coin Deadline
A number of UK retailers, including Tesco, Poundland and Aldi, have said that they will continue to accept the old £1 coins after they cease to be legal tender.
From Monday 16 October, retailers will no longer be required to accept the old 'round' UK pound coin, which is being replaced by a new twelve-sided coin.
The new coin, which is designed to be more secure, went into circulation earlier this year.
Discount chain Poundland was the first retailer in the country to announce that it would be extending the transition period, saying that it will continue to except the old coins until 31 October.
“We are the official home of the pound, so it’s a no brainer that we offer all Brits the opportunity to spend their hard earned round pounds for longer," said Barry Williams, managing director of Poundland.
“We’re all about making our customers’ money go further, so providing an extra convenience for shoppers to lighten their pockets while doing the weekly shop rather than making a separate trip to the bank or post office will come as good news.”
Meanwhile, supermarket giant Tesco said that it will accept the coins at its tills and self-service machines for an additional week, and has updated its trolleys so that they accept both the old and new coins.
Yesterday, discount retailer Aldi announced that it was joining Poundland and Tesco, according to the Guardian.
"To make the transition as easy as possible for our customers, we will continue to accept the old £1 coins as payment across our stores until 31 October,” the retailer said.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.