"Thousands of shops will keep accepting old £1 coins after they cease to become legal tender"

The new pound is no longer round it has 12 sides.

This story was in the Telegraph today. Thought it was worth sharing. I guess it might be considered an act of civil disobedience. No opinion on the matter personally.

http://www.telegraph.co.uk/news/201...will-keep-accepting-old-1-coins-cease-become/

 

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I thought I'd add that although the Royal Mint has declared that it will not accept any more of the old round pound coins, 500 million of them remain in circulation.

 

There was the Double Eagle, the Eagle, the 3 Dollar gold coin, 20 cent piece the 2 and 3 cent coins here in the US. I'm not sure what happened after we no longer used them. I don't think that we demonitized some of them. But I think that in the 30's the Government no longer let you pay with gold coins, in fact they confiscated many of them and paid you fair value. I'm sure that if I were to take a Peace dollar down to the gas station to buy a pack of gum, they'd take it and give me my change.

I once took a handful of Susan B. Anthonys, as I routinely get them as change on the toll road, down to the convenience store to get some milk and bread and the girl behind the counter looked at me and said "that is not enough". I think she thought that they were quarters. I happily educated her on the value as 1 dollar. She then took a closer look, called her older manager and I was then paid up and on my way.

But in my lifetime I never heard of a coin no longer being accepted as legal tender.

This move in Brittain is expected to cause chaos.

 

I would let our CT members from across the pond chime in about how chaotic it may be but this is not the first time they've done something like this.

 

Interesting, I didn't know this.

 

The first trade dollars were struck in 1873, and the majority of the coins were sent to China. Eventually, bullion producers began converting large amounts of silver into trade dollars, causing the coins to make their way into American commercial channels. This caused frustration among those to whom they were given in payment, as the coins were largely maligned and traded for less than one dollar each. In response to their wide distribution in American commerce, the coins were officially demonetized in 1876, but continued to circulate. Production of business strikes ended in 1878, though the mintage of proof coins officially continued until 1883. The trade dollar was re-monetized when the Coinage Act of 1965 was signed into law.

 

Yes I believe it was late last year when the old 5 pound notes ceased to be accepted. I remember that there was not much fuss about the change then, due to increased security of the features of the new bills. They also discarded the older 50 pound bills some years ago.

 

So if you are stuck with this old money (the 5 pound notes) they won't change them for you to new bills at the bank? I don't understand.
You have to get your pound coins in before they are no longer accepted.
(My previous post was to answer Lord Marcs question about the demonitization of the Trade Dollar).

 

From my understanding, the threat of counterfeit old 1 pound coin is too great to allow them to continue circulating. When you hear figures such as "estimated 1 in 30 coins are fakes" - that's not good news. I personally would vote for no. Small shops run on small profit margins so imagine if they had 1000 pounds in 1 pound coin. That's 33 pounds write off just from counterfeits alone, assuming the statistics is about right.

This is not the first time a high denomination coin got demonetized due to counterfeits. The most recent one that I can think of is Malaysia 1 ringgit, demonetized back in 2005 and was replaced by a banknote.

 

Yes apparently it was earlier THIS year that the old five pound notes were taken out of circulation and demonitized.

Here is the article from the daily mirror....

"Last chance: The old £5 notes goes out of circulation TODAY
If you've a fiver in your wallet, now is the time to swap it for a plastic version. But if you forget, what are your options?"
May 14, 2017

http://www.mirror.co.uk/money/when-five-pound-note-expire-10308454

 

Not to change the subject.... but I really hope that the USA never switches to plastic or polymer notes. I like the feel and our shared history of paper/cotton. Plastic is a product of the oil industry, which is not going to last as long as the cotton industry will.

 

Doubtful. They can be banked before then and according to the article shops can still bank them long after the deadline. The only way to actually cause chaos would be creating a situation where large amounts of them are out there with no way to redeem their value causing that wealth to be lost entirely which isn't the case here.

Has no bearing on using it or not. Plastic will be around for several more centuries and money for commerce will almost certainly be exclusively electronic long before a shortage could ever happen.

 

I'm guessing that you haven't heard of The Carrington Event in 1859. Our sun and its tendency to toss out coronal mass ejectons toward the earth from time to time can quickly put an end to anyone's hope on their balance still existing in an electronic bank account. It is a good thing to have some Silver and Gold on hand.

As for the issue of chaos in England....

I am not the one predicting the chaos that will possibly ensue, but merely restating what the Daily Telegraph had to say about the issue.

 

I'm well aware of what the sun can do and it doesn't matter that's the direction it is headed and it isn't going to change. If the sun wipes out all electronics on earth you'll have bigger problems than your bank account anyway

 

Take a look at Numista. Probably 90% of the coins are listed as demonetized.

 

Discontinued not demonetized. The Trade dollar was demonetized but I think that was it, maybe the half cent too

 

No, they are demonitized. Look, for example, at the last French centime. It was demonetized 02-17-2005

Did I say US? You said "So for me it is kind of difficult to imagine what it's like to have to spend your money quickly before it's no longer legal tender!" and I responded to that.

 

You're right you did say numista. I read it as numismedia for some reason the first time. Other countries do demonetize a lot more