Lisa O`Brien Posted February 17, 2017 Share Posted February 17, 2017 The current round pound coins are going to cease to be legal tender in October, when a new, 12 sided pound coin is going to be introduced. If you haven't used up all your old pounds coins by October they will be worthless. [Drat, and I literally have HUNDREDS of them just lying about the place. Ha,ha,ha]. 3 Link to comment Share on other sites More sharing options...
MAB Posted February 17, 2017 Share Posted February 17, 2017 Thanks for the reminder, I have a piggy bank (a fluffy sheep actually) full of the things that I keep for emergencies after being mugged and finding myself completely dosh-less. On a more serious note I wonder if the adaptations to coin machines at stations etc. will be factored into price increases. 3 Link to comment Share on other sites More sharing options...
Yaffa Posted February 17, 2017 Share Posted February 17, 2017 Also the paper £5 will stop being legal tender on 5th May (but can be exchanged for new notes at the Bank of England afterwards). More about the changes and dates at: http://www.moneysavingexpert.com/team-blog/2017/02/14/youve-piggy-bank-coin-jar-watch-1-coins-will-soon/ Also tricky for folks overseas who save money from one trip to the next... 4 Link to comment Share on other sites More sharing options...
Duck Posted February 17, 2017 Share Posted February 17, 2017 Thanks so much for highlighting. In living abroad, I may not have heard about these upcoming changes otherwise. 2 Link to comment Share on other sites More sharing options...
toursenlair Posted February 17, 2017 Share Posted February 17, 2017 Also the paper £5 will stop being legal tender on 5th May (but can be exchanged for new notes at the Bank of England afterwards). More about the changes and dates at: http://www.moneysavingexpert.com/team-blog/2017/02/14/youve-piggy-bank-coin-jar-watch-1-coins-will-soon/ Also tricky for folks overseas who save money from one trip to the next... I also thank you! I'll pass this info along to my group which is coming to the UK starting May... 11! 2 Link to comment Share on other sites More sharing options...
Yaffa Posted February 17, 2017 Share Posted February 17, 2017 Thanks so much for highlighting. In living abroad, I may not have heard about these upcoming changes otherwise. It is particularly problematic with the larger banknotes. Very few people overseas have heard that the £50 Houblon note was withdrawn in 2014, and the £20 Elgar note was taken out of circulation in 2010. So when they arrive in the UK on their next visit, they are told that their money is worthless. There are of course people around who will take it off their hands at high commission rates, as the old notes are fully exchangeable at face value at the Bank of England, and other places accept them at their discretion... More about bank notes withdrawn from circulation on the Bank of England's site: http://www.bankofengland.co.uk/banknotes/Pages/withdrawn/default.aspx 2 Link to comment Share on other sites More sharing options...
LinMM Posted February 17, 2017 Share Posted February 17, 2017 I'm sure it will cost a fortune to change all the parking machines etc ....will they be able to keep up? I had absolutely NO idea we were about to get a new pound coin and I live in the UK!! No doubt we will hear more about it as the time gets nearer. 3 Link to comment Share on other sites More sharing options...
taxi4ballet Posted February 17, 2017 Share Posted February 17, 2017 Oh for crying out loud, when will they stop meddling? I loathe the new fivers - rotten slippery things. 5 Link to comment Share on other sites More sharing options...
bangorballetboy Posted February 17, 2017 Share Posted February 17, 2017 I'm sure it will cost a fortune to change all the parking machines etc ....will they be able to keep up? I had absolutely NO idea we were about to get a new pound coin and I live in the UK!! No doubt we will hear more about it as the time gets nearer. This was announced about 3 years ago so they've had plenty of time to sort out the machines. Link to comment Share on other sites More sharing options...
bangorballetboy Posted February 17, 2017 Share Posted February 17, 2017 Oh for crying out loud, when will they stop meddling? Maybe when people stop trying to produce counterfeit currency. 3 Link to comment Share on other sites More sharing options...
LinMM Posted February 17, 2017 Share Posted February 17, 2017 I must admit hate the new five pound notes once got used to their novelty longed for the old ones again!! 1 Link to comment Share on other sites More sharing options...
Lisa O`Brien Posted February 17, 2017 Author Share Posted February 17, 2017 (edited) Someone on another forum said 17th October is the date but you will still be able to pay them into banks after then. Edited February 17, 2017 by Lisa O`Brien Link to comment Share on other sites More sharing options...
toursenlair Posted February 17, 2017 Share Posted February 17, 2017 we got new plastic money in Canada a few years ago and though everyone hated them at first, after they get a bit worn in they are less slippery (or even worse, sticky so that you end up handing over two twenties when you thought it was one!). We're all pretty used to them now. 2 Link to comment Share on other sites More sharing options...
Yaffa Posted February 17, 2017 Share Posted February 17, 2017 we got new plastic money in Canada a few years ago and though everyone hated them at first, after they get a bit worn in they are less slippery (or even worse, sticky so that you end up handing over two twenties when you thought it was one!). We're all pretty used to them now. The 'feel' of the £5 notes might also not last for long, following protests against the use of beef tallow in their production (But apparently, the vegetarian equivalent is just as good, though more costly to produce...). See: http://www.independent.co.uk/news/business/news/new-5-pound-note-animal-fat-petition-fiver-not-vegetarian-friendly-tallow-a7445646.html Link to comment Share on other sites More sharing options...
bangorballetboy Posted February 17, 2017 Share Posted February 17, 2017 The 'feel' of the £5 notes might also not last for long, following protests against the use of beef tallow in their production (But apparently, the vegetarian equivalent is just as good, though more costly to produce...). See: http://www.independent.co.uk/news/business/news/new-5-pound-note-animal-fat-petition-fiver-not-vegetarian-friendly-tallow-a7445646.html The Bank of England have already said (2 days ago, I think) they're not changing the polymer and the new £10 notes will be made of the same polymer. Link to comment Share on other sites More sharing options...
Pas de Quatre Posted February 17, 2017 Share Posted February 17, 2017 Many years ago, when the 50p coin was changed to the ones we use now, one of the halls where I teach still had an oldfashioned electricity meter. You had to feed it with 50p coins. However, it wasn't updated for several months. My local bank provided a wonderful service - still providing old 50p coins although they were no longer legal tender. They must have had a secret hoard! 2 Link to comment Share on other sites More sharing options...
alison Posted February 17, 2017 Share Posted February 17, 2017 And just think of all those lockers, shopping trolleys and so on which will have to be changed - you know, the ones which accept the current pound coins or anything else of the same shape in order to release them. And all the charities which will be able to sell lots of new keyrings with pound-coin-shaped tokens which fit the new slots ... 1 Link to comment Share on other sites More sharing options...
Ian Macmillan Posted February 17, 2017 Share Posted February 17, 2017 Not everything that has been said thus far is entirely accurate. The new coins will enter circulation on 28 March this year - ie in some 6 weeks time. The existing coins will then cease to be legal tender as of 15 October. Perhaps this link might help: http://www.thenewpoundcoin.com/ 2 Link to comment Share on other sites More sharing options...
taxi4ballet Posted February 18, 2017 Share Posted February 18, 2017 Maybe when people stop trying to produce counterfeit currency. They will carry on though, won't they? Criminals will always find a way. 3 Link to comment Share on other sites More sharing options...
LinMM Posted February 18, 2017 Share Posted February 18, 2017 Methinks I can see problems ahead ....... Link to comment Share on other sites More sharing options...
toursenlair Posted February 18, 2017 Share Posted February 18, 2017 They will carry on though, won't they? Criminals will always find a way. Here's a report from the Canadian Broadcasting Corporation from last year: " Canada's plastic money is stumping counterfeiters. The RCMP estimate the number of fake bills passed on to retailers in 2015 dropped by 74 per cent compared with the previous year. That doesn't mean people have given up trying to copy Canada's banknotes — it's just that even their best attempts to make fake cash are falling well short." 3 Link to comment Share on other sites More sharing options...
Melody Posted February 19, 2017 Share Posted February 19, 2017 (edited) Sounds as though we need to take our pound coins and £5 notes to our local currency exchange and turn them in for dollars, since we aren't planning a trip to the UK this year. Thanks for the heads up! I'd read something about some currency and coins going out of circulation but I didn't know the dates. Edited February 19, 2017 by Melody 1 Link to comment Share on other sites More sharing options...
Vonrothbart Posted February 19, 2017 Share Posted February 19, 2017 They will carry on though, won't they? Criminals will always find a way. Of course they will, that's why the Government will have to always keep changing our currency, at least making it harder for the criminals. Link to comment Share on other sites More sharing options...
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