Withdrawal of £1 Coin Causing Confusion
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