Shoppers with that last bit of change down the back of the sofa will be pleased to hear Iceland will continue to accept old pound coins until the end of 2017.
The deadline for the old ‘round pound’ passed on 15 October, but several retailers continued to accept the old coins for a time, to help consumers with any leftovers. But supermarket chain Iceland has now committed to keep taking the old coins well past the deadline. The retailer has announced it will continue to accept the coins until 31 December this year. So you might be able to use those old coins for a last minute stocking-filler after all!
Iceland Group managing director Tarsem Dhaliwal comments: “We try to help our customers in any way we can, and the statistics tell us that very many people must still have old pound coins stashed away in their homes or cars. So we are happy to save them the trouble of changing these old coins at a bank by allowing them to spend round pounds in our stores until the end of the year.
Mr Dhaliwal went on to add that Iceland offers a large range of items for £1, and says: “if you find a hoard of old pound coins down the sofa or in a piggy bank before the end of 2017 you know what to do – come and spend them in Iceland!”
Is Iceland holding up its end of the deal though?
Despite offering generously to accept old pound coins, the message might not have filtered down to the cash tills immediately. Moneywise reader Jonathon Proctor contacted us in October to share his experience:
“I had read on the Moneywise website that Iceland and Tesco, amongst others, were still accepting old pound coins, and I knew I had a few knocking about, behind the sofa and in the old piggy bank. So I broke that open and got behind the settee and found four £1 coins in total.
“I thought I’d get the most bang for my buck at Iceland given they are reasonably priced and have a lot of £1 offers. I went into the Maidenhead store – I didn’t really want to spend over £4. I’ve got a sweet-tooth, so I opted for their frozen black forest gateau.
“After the cashier had scanned the gateau and told me the total to pay, I asked if Iceland were still accepting the old pound coins. The cashier looked at me blankly and said: “no we’ve stopped accepting them”.
“I felt very embarrassed and I had to say sorry and leave the gateau whilst she had to cancel the transaction. In the end I went to Tesco and bought a box of Celebrations.”
Moneywise contacted the retailer for comment. A spokesperson for the company assured us that communication of the extension of the acceptance deadline was sent to all stores, and that they had received no complaints about this issue.
Mr Dhaliwal has responded to potential issues for customers: "We will accept the old £1 coins until the end of the year. Those instructions have gone to all our Iceland and Food Warehouse Stores, and we apologise to any customers who have not been able to use their old £1 coins in our stores. We have issued further communication to our staff in all our stores to remind them that Iceland will continue to accept the old £1 until the end on December.”
Of course, Iceland isn’t the only place you can turn in your old £1 coins. Most high street banks will continue to exchange them, as will the Post Office, who will accept them as deposits or exchange them for a new £1 coin.
The banks that will do this include: Bank of Scotland, Barclays, Clydesdale Bank, Halifax, HSBC, Lloyds Bank, Nationwide, NatWest, RBS, Santander, Ulster Bank and Yorkshire Bank.
Sainsbury's has also announced that it collecting old pound coins in-store in aid of this year's Poppy Appeal.