There’s only a few days left to spend your old pound coins

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Look under your sofa, empty your piggy bank and check your pockets – there are only a few days left to spend the old £1 coin before it becomes worthless.

The new 12-sided £1 coin became legal tender on 28 March 2017 and now with one billion coins having passed through the Royal Mint production line, it's time to say farewell to its predecessor.

The old pound coin will officially lose its legal tender status as of midnight Sunday 15 October 2017, meaning it won’t be accepted anywhere in the UK.

The clock is ticking

Royal Mint are now encouraging all old pound coin owners to spend, bank or donate their coins before the deadline.

Andrew Jones, the Exchequer Secretary to the Treasury said, "The clock is ticking. We are urging the public to spend, bank or donate their old pound coins and asking businesses who are yet to do so, to update their systems before the old coin ceases to be legal tender."

If you miss the deadline though, all is not lost as HSBC, Barclays, Nationwide, RBS, Santander and Lloyds/Bank of Scotland have all told Money Saving Expert that they will swap the coin but for their customers only. The Post Office is also expected to accept the old coins.

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 told the Telegraph: “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.”

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

The Post Office have also moved to reassure customers that they will be able to exchange old £1s after the 15th, saying: “We would like to reassure anyone who is unclear on what to do with their old £1 coins that the Post Office is here for you.

“Thanks to an agreement with all UK high street banks, everyone can deposit old pound coins into their usual high street bank account at their local Post Office branch while visiting us to pay bills, pick up online shopping, collect foreign currency, withdraw cash, deposit cheques or any of the many other reasons to pop in. They can do this even after 15th October.”

And a Tesco spokesperson said: “We’ve been updating our systems ready for the new pound coins, but to help customers who still have the old coins, we’ll continue to accept round pounds at our tills and self-service machines for an additional week.”

The old pound coins are to be melted down to create new ones.