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10/10/2017
Advice For Businesses On Transition Of £1 Coin Design
Sunday 15 October is the final day the old round pound coin will be legal tender.
The new 12-sided, bi-metallic pound coin, introduced in March 2017, will be the only legal pound coin from 16 October. The new design is more secure in an effort to combat counterfeiting. For the last six months both designs have been in circulation, however from Monday onwards, only the new design should be in use.
What does this mean for businesses?
From 16 October 2017:
• You no longer have to accept old round pound coins
• You should no longer give out the old round pound coins
• Your staff should be trained on what to do
• All your old round pound coins should have been banked, however you can continue to deposit them into a Post Office or most high street banks
• All your coin handling equipment should have been updated, and no longer accept the old coins.
What does this mean for customers?
If you choose to stop accepting old pound coins after demonetisation, you can advise your customers:
• They can still deposit their old coins to a bank or Post Office
• They can donate their old coins to Children in Need.
The Royal Mint has developed a website, including downloadable resources for businesses, about the new pound coin.
The new 12-sided, bi-metallic pound coin, introduced in March 2017, will be the only legal pound coin from 16 October. The new design is more secure in an effort to combat counterfeiting. For the last six months both designs have been in circulation, however from Monday onwards, only the new design should be in use.
What does this mean for businesses?
From 16 October 2017:
• You no longer have to accept old round pound coins
• You should no longer give out the old round pound coins
• Your staff should be trained on what to do
• All your old round pound coins should have been banked, however you can continue to deposit them into a Post Office or most high street banks
• All your coin handling equipment should have been updated, and no longer accept the old coins.
What does this mean for customers?
If you choose to stop accepting old pound coins after demonetisation, you can advise your customers:
• They can still deposit their old coins to a bank or Post Office
• They can donate their old coins to Children in Need.
The Royal Mint has developed a website, including downloadable resources for businesses, about the new pound coin.
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Northern Ireland WeatherThis Evening and Tonight:It will be cloudy with a spell of heavy rain pushing south through late evening and the early hours, soon followed by some clear spells. Minimum temperature 6 °C.
