Teh One Who Knocks
02-20-2017, 12:42 PM
Charles White - Metro.co.uk
http://i.imgur.com/74NMIy9l.jpg
Savers and children should probably start spending their masses of £1 coins right about now.
The new pound coin was announced to much fanfare when it was redesigned, but in 38 days it will actually arrive.
So if you’re lucky enough to find a spare £1 coin down the back of your sofa, no one has to accept it.
The 12-sided coin is a bid to battle the one in 30 pound coins that are currently thought to be fake.
It arrives on March 28, and there will be a period when both 12-sided and the classic one sided are both accepted.
However, the Bank of England has told retailers that after October 16 ‘you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin’.
Customers lumbered with the old coin should exchange it. Some banks say they will accept the current pound coin after October 15, but only from their own customers.
Money saving expert Martin Lewis took to the airwaves on Friday to warn savers.
On ITV’s This Morning he said: ‘Everyone with a piggy bank or coin jar needs to turn them up upside down and shake out all your £1 coins, because as of 15 October the current £1 coins will cease to be legal tender and will soon be unspendable.’
Martin Lewis’s MoneySavingExpert website added: ‘There may be a few months left to sort it out, but it’s worth doing now as it’s all too easy to squirrel money away in piggy banks and forget about it.
‘Carting a bag of coins to the bank is a real faff – particularly if there isn’t a branch near you. So it’s much better to spend them now.’
The new coin will be made of two metals, and is going to have hidden security features.
Similar efforts will be made with the new plastic £10 note, which launches in September, following the replacement of the new fiver featuring Churchill.
The new £5 note has been gradually introduced and the old version, with Elizabeth Fry on them, should be out of circulation by May.
The Bank of England said: ‘If, after May 2017, you find you still have some paper £5 notes you will be able to exchange them at the Bank of England.
‘But until then carry on spending paper £5 notes as usual.’
http://i.imgur.com/74NMIy9l.jpg
Savers and children should probably start spending their masses of £1 coins right about now.
The new pound coin was announced to much fanfare when it was redesigned, but in 38 days it will actually arrive.
So if you’re lucky enough to find a spare £1 coin down the back of your sofa, no one has to accept it.
The 12-sided coin is a bid to battle the one in 30 pound coins that are currently thought to be fake.
It arrives on March 28, and there will be a period when both 12-sided and the classic one sided are both accepted.
However, the Bank of England has told retailers that after October 16 ‘you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin’.
Customers lumbered with the old coin should exchange it. Some banks say they will accept the current pound coin after October 15, but only from their own customers.
Money saving expert Martin Lewis took to the airwaves on Friday to warn savers.
On ITV’s This Morning he said: ‘Everyone with a piggy bank or coin jar needs to turn them up upside down and shake out all your £1 coins, because as of 15 October the current £1 coins will cease to be legal tender and will soon be unspendable.’
Martin Lewis’s MoneySavingExpert website added: ‘There may be a few months left to sort it out, but it’s worth doing now as it’s all too easy to squirrel money away in piggy banks and forget about it.
‘Carting a bag of coins to the bank is a real faff – particularly if there isn’t a branch near you. So it’s much better to spend them now.’
The new coin will be made of two metals, and is going to have hidden security features.
Similar efforts will be made with the new plastic £10 note, which launches in September, following the replacement of the new fiver featuring Churchill.
The new £5 note has been gradually introduced and the old version, with Elizabeth Fry on them, should be out of circulation by May.
The Bank of England said: ‘If, after May 2017, you find you still have some paper £5 notes you will be able to exchange them at the Bank of England.
‘But until then carry on spending paper £5 notes as usual.’