New pound coin coming.

Money, investing, mutuals etc
timco
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Re: New pound coin coming.

Post by timco » Mon Jan 02, 2017 3:13 am

kevinchess1 wrote:Will be a pain for vending machines and Supper market trollys :thumbdown:
And those of us who currently use trolly tokens
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planteria
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Re: New pound coin coming.

Post by planteria » Mon Jan 02, 2017 8:10 am

agreed. a Scottish Power 'coin' is resident in our shopping car :shifty:
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Re: New pound coin coming.

Post by blythburgh » Mon Jan 02, 2017 8:57 am

macliam wrote:
milo55 wrote:when do current coins become not legal tender ???
From the BBC report above ( :eh: ):
"The round £1 will be legal tender alongside the new, more-secure coin until 15 October."
So raid the piggy bank etc between the new coins coming out and the 15th Oct as after than they will not be usuable. Might have a value to use as a bit of jewellery or to a collector if they are special enough or in mint condition but apart from that just scrap value.
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Re: New pound coin coming.

Post by macliam » Mon Jan 02, 2017 8:59 am

timco wrote:
kevinchess1 wrote:Will be a pain for vending machines and Supper market trollys :thumbdown:
And those of us who currently use trolly tokens
Let's hope it actually feels like a coin - the "new" fiver is Bank of Toytown. :wtf:

Never mind the animal fat, the thing is horrible, surely they could come up with a better material than that :roll:
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Re: New pound coin coming.

Post by macliam » Mon Jan 02, 2017 9:01 am

blythburgh wrote:
macliam wrote:
milo55 wrote:when do current coins become not legal tender ???
From the BBC report above ( :eh: ):
"The round £1 will be legal tender alongside the new, more-secure coin until 15 October."
So raid the piggy bank etc between the new coins coming out and the 15th Oct as after than they will not be usuable. Might have a value to use as a bit of jewellery or to a collector if they are special enough or in mint condition but apart from that just scrap value.
No, that's the date to take the coins out of general circulation. There has to be an exchange programme for those who miss the cut-off date.......
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Re: New pound coin coming.

Post by blythburgh » Mon Jan 02, 2017 9:14 am

I hope macliam is right and banks will take them for a time bu t unlike notes there is not promise on them.

I quote the Beeb:

The new 12-sided £1 coin will enter circulation on 28 March, the government has said.
The round £1 will be legal tender alongside the new, more-secure coin until 15 October.
The public are being urged to use their current £1 coins or bank them before they lose their legal tender status.
The government estimates around a third of the £1.3 billion worth of coins stored in piggy banks or saving jars around the UK are the current £1 style.
Some of those returned by the public will be melted down and used to make the 12-sided version.


And what of those returned but not used in the new version?

Will the public have to pay for them to be stored?

Or will they be sold to game makers for a new style Monopoly?
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Re: New pound coin coming.

Post by macliam » Mon Jan 02, 2017 9:28 am

My take is that the new coin will require less material - hence my concern about the "feel" - plus the new coin is bi-metal, so will need different treatment. So, not all the coins will be used and I presume the rest will be sold on....
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Re: New pound coin coming.

Post by Sarah » Mon Jan 02, 2017 9:56 am

Yes, it's a little thinner and lighter although also slightly larger diameter than existing £1 coins. Major banks and post offices will continue to exchange old coins for some time after 15 October.

More answers here:
http://www.thenewpoundcoin.com/

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Re: New pound coin coming.

Post by Chadwick » Tue Jan 03, 2017 10:24 am

planteria wrote:one in thirty of the existing coins is a fake, apparently
You misspelled "quantative easing".
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Re: New pound coin coming.

Post by macliam » Tue Jan 03, 2017 10:40 am

Chadwick wrote:
planteria wrote:one in thirty of the existing coins is a fake, apparently
You misspelled "quantative easing".
or even "quantitative easing" :mrgreen:

Wither way it's spelled, it's theft!
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