The supermarket giants, the biggest retailer in the UK, will continue to accept old £1 coins after the Royal Mint’s deadline for spending them this Sunday.
Tesco confirmed on Monday that shoppers will still be able to pay for their shopping with the old coins for at least a week after they officially go out of circulation on October 15.
This is against the wishes of the Royal Mint and the Treasury, who are believed to want retailers to all keep with a consistent changeover date to avoid confusion.
But 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.”
Tesco’s stance is in line with thousands of smaller shops, who will also continue to accept the old £1 coin after the deadline.
The Federation of Small Businesses, which represents around 170,000 small firms across the UK, advised its members to continue to accept the round coins, in order to provide a “useful economic service” to customers.
A spokesperson for the FSB said: “Shopkeepers will not want to let their loyal customers down by saying they cannot pay with a round pound if they do not have any change.”
Poundland also said its stores would accept the £1 coin after Sunday’s deadline – for potentially more than two weeks – describing their decision as a “no-brainer”.
Barry Williams, its managing director, said: “Providing an extra convenience for shoppers to lighten their pockets while doing the weekly shop rather than making a separate trip to the bank or post office will come as good news.”
The Royal Mint estimates that around 1.2 billion old £1 coins will have been handed in by this weekend, leaving 500 million still in circulation.
There are concerns there will be chaos as many retailers have struggled to update their self-service machines to accept the new 12-sided coins in time for the deadline.
Tesco said trolleys at a small number of stores had yet to be updated.
Transport for London said some ticket machines on Overground and tram services are unlikely to be ready for the new £1 coin until the end of the year.
Major banks and Post Offices have said that they will continue to accept deposits of round £1 coins after 15 October.
Those left with round pounds can also donate old coins to the BBC Children in Need campaign ‘Pudsey’s Round Pound Countdown”.
Before spending or handing in any old pound coins, check their design, as certain variations could be worth a fortune.
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