Old Pound Coins Will No Longer Be Legal Tender After October 15, 2017

I would like to take this opportunity to remind constituents of the short time we have left with the round pound coin.

After 11:59pm on Sunday October 15, the round point coin’s legal tender status will be withdrawn.  Therefore I would like to encourage constituents to spend, bank or donate their old pound coins.

If you have a few old pound coins lying around the house why not take this opportunity to donate them to a good cause?

Or if you have a box of change it might be worth taking a trip to the bank where you should be able to exchange your old pound coins for the new style, or alternatively just deposit them into your account.

Collectors do look out for rare designs as well as evidence of faulty printing.  If a pound coin stands out it might be worth holding on to.

The new style pound icon was introduced on March 28, 2017 however, the old pound coins were still accepted in order to allow a few months to transition to the new style.  The change in style of the coin was due to counterfeiters being easily able to copy the old design.  The new twelve sided, lighter design proves harder to counterfeit.

Businesses have been encouraged to be prepared for the switch to ensure that machines that accept coins can be updated to ensure that the full transition to the new pound coin is a smooth one.

In addition to making the pound coin harder to counterfeit the change of style also inspired Ken Cheng to give us the best joke of the summer: I’m not a fan of the new pound coin, but then again, I hate all change.”

Shops will stop accepting the rough pound coins, however constituents should be reassured that most banks and building societies will still accept the old style.

 

Contact me on 01702 616135 or email james@jamesduddridge.com