New pound coins in 2017

[augsburger]

I'm sure they've given more time than this in the past. As the article says the notes were removed from circulation in 1988, that's 5 years after, I personally don't remember the notes at all, and by 1988 I was aware of such things. I'm in China, what do I do if I weren't going back to the UK in the summer? It's too short a time.

[Alan71]

It's consistent with the 5p, 10p and 50p replacements.  The small 5p was introduced in June 1990 and the old larger version lost its legal tender status at the end of December that year.  The old 10p had the longest afterlife of the three at nine months (smaller version issued 30 Sept 1992 and larger one withdrawn 30 June 1993).  For the 50p it was back to six months (new version introduced 1 Sept 1997 and old one ceased to be legal tender 28 Feb 1998).

[FosseWay]

I think 6 months is about standard for coins - notes get a little longer.

And can't you still redeem old coinage after it's ceased to be legal tender? Possibly not in ones and twos, though, and probably after paying a fee.

[eurocoin]

I think on 15 October the co-circulating period ends and that it will still be possible to exchange the coins afterwards. If not, you are right indeed that the exchange period is way too short.

[Alan71]

I doubt it will be possible to exchange the old coins after 15 October.  Traditionally, old notes can be exchanged forever by the Bank of England, but there's no such facility for coins.  Ceasing to be legal tender means just that, unless the Royal Mint announce otherwise.  Why isn't it long enough?  Pound coins rarely remain in my pocket for more than a few days as I can't stand the things!

Charities that ask for old and foreign coins will presumably accept them indefinitely though.

[augsburger]

Why isn't it long enough? Well, people live abroad and come back once a year. Imagine you go home this Christmas and then go home next Christmas....

[<k>]

According to The Guardian, the new pound coin will be put into circulation on March 28, 2017 (fine with me), but it also says:

[...]the old-style coin will be defunct by mid-October, the Treasury has announced. [..]

They must be returned and exchanged before 15 October 2017, when they will lose their legal tender status, the Treasury has said.
[...]

Lose legal tender status? Defunct? This is surprising, considering that they have not given much time to exchange to old coins for new ones!

Aditya

The article above has been embargoed until 1 Jan 2017.

"This article was taken down on 25 December 2016 due to it having broken an embargo. The article will be republished at 00.01 on 1 January 2017."

Try this instead:

http://newstimes.ddns.net/news/new-12-sided-1-coin-to-enter-circulation-on-28-march?uid=29152

[Alan71]

Why isn't it long enough? Well, people live abroad and come back once a year. Imagine you go home this Christmas and then go home next Christmas....

But surely such people can spend their pound coins before they leave the UK?  At the airport?  Let's face it, everyone knows the new £1 coin is coming next year.  If people choose to take the old ones out of this country then I'm afraid that's their fault if they can't spend them next year.  I really have no sympathy.

[augsburger]

But surely I can't spend my pound coins, I'm in China, right? I haven't been there since August, I didn't know my pound coins would be useless by October next year. The longest I've been without going to the UK has been 2 years, but a year is my normal time for not going to the UK, they're giving 9 months.

[FosseWay]

I've known that the round pound coins would be going out of use for over a year now and have made it my business to ensure I reduce my stocks of them each time I go to the UK. At the very least, any I'm left with at the end of my next visit I can leave with people I'm with, give to my niece and nephew, put in a charity box at the airport, buy gin with or whatever. Still don't really see what the problem is.

[onecenter]

I would imagine the British government wants the shorter coin withdrawal timeframe to drive as many of the counterfeits out of circulation as possible.

[Alan71]

But as I've already pointed out, it's not really shorter!  Another example is the 1d and 3d coins.  The decimal coppers were issued in mid Feb 1971, while the pre-decimal versions were withdrawn at the end of August that year.  Six months is the norm, and it's perfectly acceptable not to have a longer changeover period.

[andyg]

The 6 months cut off is presumably the date after which you'll no longer be able to use them in shops..... There is usually a longer date in which to change them at banks.

[Figleaf]

That's shifting the question to what the procedure will be at the banks. If you can just walk into any bank office and change the pounds, fair enough. If you can only change them in three offices around the country, after completing a form in officialese at a place where mere mortals cannot expect a parking place and you must have a GBP bank account ... mmm.

Tourists are even worse off than expatriates. They will likely not have been informed and would visit the UK less than once a year.

Peter

[Enlil]

As we saw with the Euro, most of the 1 pound coins will be exchanged within a month, but only if the government puts in the effort to do so.