Where to take old £1 coins and what businesses will still accept them after 15 October deadline

Round £1 coins will be taken out of circulation from 15 October - but some shops plan to continue using them shortly after the deadline

Shops are not obliged to accept the old round pound after 15 October, but some will (iStock)

The old round pound will not be around for very long - so how can you offload your old coins, and where can you do it?

When does the round £1 coin cease to be legal tender?

The £1 coin remains legal tender until midnight on Sunday 15 October. After then, businesses can stop accepting it and they will not be able to give it to you as change.

Does that mean I will not be able to spend my round pounds after this date?

This could depend on where you shop. Some stores, such as Tesco and Poundland, plan to continue accepting round pounds for a short period of days afterwards.

If you do not want to risk being caught out though, bear in mind that shops are not obliged to accept your old round pound after 15 October, so it would be wise to offload your old coins by banking, spending or giving them to charity before then.

What about banks?

Several major banks and building societies have said their own customers can continue to deposit the old round pounds with them after 15 October - so if you do find a few wedged down the sofa in the coming weeks, you can still bank them.

The Post Office is another place where you can take your old round pounds after this date. People will still be able to deposit the old coins into any of their usual high street bank accounts through the Post Office.

What about machines that take coins?

The British Parking Association says it is "confident that the majority of parking machines are ready or will be ready to accept the new £1 coin".

It says it has advised members to ensure there are enough alternatives for motorists to pay for their parking, including card and smartphone options, as well as other cash denominations.

Meanwhile, Jonathan Hart, chief executive of the Automatic Vending Association (AVA), said: "We believe that all machines owned by AVA members (around 380,000) are now accepting the new £1 coin."

The AVA, which said it has worked closely with the Royal Mint throughout the planning of the new £1 coin, added that it has no access to information on those machines not owned by its members.

PA