Minister Urges Businesses to ‘Maintain Momentum’ on Pound Coin Transition

The Government has encouraged businesses to maintain momentum in the transition from the old ’round’ pound to the new 12 sided £1 coin ahead of the old pound coin being removed from circulation on October 15th.

On a visit to one of the UK’s largest coin storage facilities, the Exchequer Secretary to the Treasury, Andrew Jones MP, thanked businesses for their efforts so far in the transition, but warned that businesses must be vigilant when returning coins to centres. Currently half of the £1 coins being returned are the new 12-sided £1 coin – not the soon-to-be discontinued old one. This confusion slows the process down by removing new pound coins from entering circulation and keeping the old round pounds in our tills and purses.

Speaking at the coin centre, Mr Jones said:”There has been a fantastic effort from both the public and businesses in returning more than 1 billion old round pounds, and I thank everybody involved in this process so far. But there is still more to do before the October 15 deadline.

“Businesses must remain vigilant when returning coins and ensure old and new coins are organised in separate packaging to make the sorting process quicker and easier.

“We also want cashiers and shopkeepers working at till points, who are truly on the front line of the changeover, to play their part to ensure only new pound coins are given to shoppers in their change.”

The old round £1 coin will no longer be legal tender from 15th October. Businesses are being encouraged to get ready for the deadline by upgrading equipment and informing customers.

Find out more about the new £1 coin here

This entry was posted by Chloe on Thu, 24/08/2017 - 16:19