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Five Days to go until Old £1 is Phased Out - Retail NI Reminder to Businesses and Consumers

With just five days until the old £1 coin is phased out in favour of the new 12-sided version, Retail NI has reminded retailers and consumers to be ready for the deadline on 15th October.

Retail NI Chief Executive Glyn Roberts said:

“We would urge retailers and consumers to take this deadline seriously”

‘This deadline is going to be a challenge given that some multiple retailers have decided to be more flexible and continue to accept the old £1 coin from shoppers after 15th October”

“Retail NI’s advice is clear to retailers and is line with what the Royal Mint is advising. Retailers are under no obligation to accept the round £1 coin from customers and should not distribute the round £1 coin after 15th October”

“All round £1 coins should have been banked. However, the round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office”

“Businesses need to ensure all coin-handling equipment is able to accept the new £1 coin. If that equipment continues to accept round £1 coins then they may be at risk of being targeted with counterfeit coins”

Glyn Roberts 07515710517