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Withdrawal of £1 Coin Causing Confusion

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As we all know, the new 12-sided coin was issued in May to prevent counterfeits. From today the old £1 is not supposed to be used as change from shops. Shops are still able to bank them though – as long as they are not mixed up with the new coin.

Shops are saying that they will still let customers use the old coin despite the Royal Mint’s concern that this could confuse the public.

An estimated 500 million old £1 coins are still in people’s pockets so many small shops are telling staff to keep taking the old coins then banking them.

It’s been widely reported that some big-name retailers have been slow to modify machines and devices that take the coin. Sainsbury’s and Tesco’s recently admitted that they still haven’t modified all their trollies to accept the new 12-sided coin.

Poundland also said it will continue to accept the old coin with their bosses describing their actions as a “no-brainer”.

A spokesman for the Federation of Small Businesses said: “Supermarkets don’t want to let loyal customers down by saying they can’t pay with an old pound coin.”

But the Royal Mint, which seems to have underestimated the time needed to withdraw the old coins from circulation, have said they want all the old pound coins banked as mixtures of different coins will cause confusion for both banks and shops.

The rush to spend the old coins is certainly providing a boost for shops, as customers don’t want to be caught out with coins that can’t be spent.

Now that the deadline has passed, businesses have the right to stop accepting them.

 

Freya and Eryn, Year 6

Burgh School

9 Responses to Withdrawal of £1 Coin Causing Confusion

  1. admin October 16, 2017 at 5:46 pm

    Good reporting girls!

    I might be showing my age but I remember when these outgoing £1 coins were first introduced, back in 1983, and I seem to recall it was a popular move. I also remember when the seven-sided 50p coin came into circulation to replace the 10-shilling note. This happened shortly after I started work with Barclays Bank. These early 50ps were bigger than they are now and people complained they were too heavy.

    Pupils good at Maths will now know how ancient I am!

    Bill
    YJA Senior Editor

  2. Mr. Hurdman October 16, 2017 at 9:50 pm

    I too am feeling old! I can remember the larger 50p coins, large 5p and 10p coins (which were sometimes old shilling/two shilling coins) and the introduction of the £2 coin. I vaguely recall 1/2p coins too. In fact, the Maths books we used as children at my Primary school still had questions involving 1/2p in them for a year or two after the 1/2p was removed from circulation!

  3. eryn October 17, 2017 at 6:44 am

    Thanks!

  4. Emily October 17, 2017 at 5:25 pm

    Well done girls this explains to me why it’s caused confusion. I LOVE IT

  5. Erin October 17, 2017 at 6:41 pm

    Well done girls, great article. I wish I had thought of that. LOVE IT

  6. Charlie October 17, 2017 at 7:16 pm

    Great article you have written there. £500 million is a lot of money to be lost over confusion!

  7. Aston October 21, 2017 at 5:37 pm

    Brilliant👍👍

  8. Sarah Smith October 28, 2017 at 12:07 pm

    Showing my age too as I remember 1/2p sweets and the coin and liking the £1 note. It would be interesting to see how much it has cost Skegness slot machine businesses to change over. Great article Eryn and Freya and a wonderful way for me to see how your writing has moved on. Well done.

  9. Eryn and Freya November 1, 2017 at 2:05 pm

    You are not that old Miss Smith! Thank you for commenting on our article. We hope you will come and visit us soon!