Monday, 9 October 2017

9th October 2017 - Counting the Coins

Thought for the day:"The grammar police are there to enforce proper sentencing"

Had a panic - was told that the old pond coin goes out of circulation on October 15th and ceases to be legal tender- so I have been rummaging through all my clothes and various pockets and cupboards as we have a very bad habit of leaving money around all the time ..

Managed to accrue around about £45 which wasn't bad - think I will take it to Tesco today and pay for the shopping with coins... 

But research shows that though the old pound coin will be withdrawn from midnight on Sunday October 15. After this date only the new 12-sided pound will be legal tender.

With just days to go until the deadline, some 500 million are still thought to be in circulation.

Poundland has said that it will continue to accept the round pound until October 31 and many other stores are likely to follow suit.

The Federation of Small Businesses, which represents more than 170,000 companies, has advised its members to continue to take the old coins.

A spokesman said that shops could “provide a useful community service” by preventing customers from having to make unnecessary trips to the bank or Post Office to change over their coins.

“Shopkeepers will be aware that the Royal Mint has this deadline but at the same time they will not want to let their loyal customers down by saying they cannot pay with a round pound if they do not have any other change,” the spokesman explained.

“The changeover period has been fairly short.

“It would help if small firms knew they were allowed a short transition period to collect the old coins if they wish to and are willing to bank them, but not give out to customers.”

Poundland managing director Barry Williams told The Telegraph that the move was a “no brainer”.

After Sunday, shops will not be allowed to give round pounds back in change – however there is no rule against accepting them.

The Royal Mint has produced 1.5 billion of the new pound coin, which entered circulation six months ago on March 28.

The official advice from the Royal Mint is that after October 15, the round pound can be deposited at most high street banks in the UK.

The Royal British Legion will also accept the old pound in donations from October 26.

Pound for your thoughts ??


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