The deadline for the phasing out of the old £1 coins is midnight on October 15, which is this Sunday. Following that, the coins will cease to be legal tender, meaning you are no longer obliged to take them as payment for goods and services. The Royal Mint are keen to retrieve as many of the old coins as possible as they will be re-used to make the new £1 coins. They say on their website that you are “under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin after Sunday. Please update your staff on what they need to do.” However, the Federation of Small Businesses has advised its members to continue to accept the old coins for a "transition period" of a couple of weeks. There should be no problem following this advice as the banks will accept deposits of old coins after 15th October although no definite cut-off date has been set so you should check with your branch.
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