Treasury urges businesses to ‘remain vigilant’ when returning old £1 coins
UK businesses have been urged by the Treasury to ‘remain vigilant’ when sending old £1 coins back to cash centres.
The warning came as cash management company Vaultex revealed that nearly half of the pound coins being sent back are the new style £1 coin, as opposed to the old round pound coin.
The government has stated that this confusion slows the sorting process down by removing new £1 coins from circulation and keeping old pound coins in tills and purses.
Commenting on the issue, Exchequer Secretary to the Treasury, Andrew Jones, said: ‘Businesses must remain vigilant when returning coins and ensure old and new coins are organised in separate packaging to make the sorting process quicker and easier.
‘We also want cashiers and shopkeepers working at till points, who are truly on the front line of the changeover, to play their part to ensure only new pound coins are given to shoppers in their change.’
On 15 October, the old £1 coin will cease to be legal tender. Individuals have been urged to spend, bank or donate their old coins ahead of this deadline.
After this date, retailers will not be obliged to accept old pound coins, and consumers will be required to take their old coins to a bank to exchange them.