Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • MSE Callum
    • By MSE Callum 9th Oct 17, 11:58 AM
    • 83Posts
    • 46Thanks
    MSE Callum
    0 WOW
    MSE News: Old £1 coins stop being legal tender this week
    • #1
    • 9th Oct 17, 11:58 AM
    0 WOW
    MSE News: Old £1 coins stop being legal tender this week 9th Oct 17 at 11:58 AM
    Hundreds of shops will continue to accept old round £1 coins after they stop being legal tender this Sunday....
    Read the full story:
    'Old £1 coins stop being legal tender this week - but some shops WILL still take them'

    Click reply below to discuss. If you havenít already, join the forum to reply.
    Read the latest MSE News
    Flag up a news story: news@moneysavingexpert.com
    Get the Free Martin's Money Tips E-mail
Page 1
    • JuicyJesus
    • By JuicyJesus 9th Oct 17, 12:19 PM
    • 3,052 Posts
    • 3,165 Thanks
    JuicyJesus
    • #2
    • 9th Oct 17, 12:19 PM
    • #2
    • 9th Oct 17, 12:19 PM
    Legal tender means nothing for shops anyway. A shop can take (or not take) whatever currency it feels like, including £1 coins. Legal tender is only relevant for debts (including things like ordering food in restaurants, where they can insist that you pay them only in legal tender). The Royal Mint can't make shops not take old pound coins any more than they can stop shops taking debit cards, and banks will still accept them probably forever.

    The whole concept is something that everyone seems to be confused about and articles like this one don't help. My Amex card isn't legal tender but most shops seem happy enough with it. The old pound coins won't be but shops can still take them. In Scotland plenty of people carry around banknotes that aren't legal tender and spend them happily as they see fit.
    urs sinserly,
    ~~joosy jeezus~~
    • MSE Callum
    • By MSE Callum 9th Oct 17, 12:22 PM
    • 83 Posts
    • 46 Thanks
    MSE Callum
    • #3
    • 9th Oct 17, 12:22 PM
    • #3
    • 9th Oct 17, 12:22 PM
    Legal tender means nothing for shops anyway. A shop can take (or not take) whatever currency it feels like, including £1 coins. Legal tender is only relevant for debts (including things like ordering food in restaurants, where they can insist that you pay them only in legal tender). The Royal Mint can't make shops not take old pound coins any more than they can stop shops taking debit cards, and banks will still accept them probably forever.

    The whole concept is something that everyone seems to be confused about and articles like this one don't help. My Amex card isn't legal tender but most shops seem happy enough with it. The old pound coins won't be but shops can still take them. In Scotland plenty of people carry around banknotes that aren't legal tender and spend them happily as they see fit.
    Originally posted by JuicyJesus
    Hi Juicy Jesus, I made this clear in the article - "This is because although 'legal tender' is a widely quoted term, when it comes to what can or can't be used to pay for things, it has little practical use. It's actually a phrase used to describe the means of payment which has to be accepted to settle a debt - so if you're in debt to someone, you can't be sued for non-payment if you offer full payment in 'legal tender'."
    Read the latest MSE News
    Flag up a news story: news@moneysavingexpert.com
    Get the Free Martin's Money Tips E-mail
    • VfM4meplse
    • By VfM4meplse 9th Oct 17, 3:40 PM
    • 24,181 Posts
    • 50,846 Thanks
    VfM4meplse
    • #4
    • 9th Oct 17, 3:40 PM
    • #4
    • 9th Oct 17, 3:40 PM
    May I direct you to exhibit A for further debate.
    Value-for-money-for-me-puhleeze!

    "No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio

    Hope is not a strategy ...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...If in doubt, don't pull out... I love chaz-ing!
    • chattychappy
    • By chattychappy 10th Oct 17, 8:37 AM
    • 6,436 Posts
    • 3,392 Thanks
    chattychappy
    • #5
    • 10th Oct 17, 8:37 AM
    • #5
    • 10th Oct 17, 8:37 AM
    Where there is some confusion is that with banknotes, the BoE will always pay out on them. So the old £5 notes will always be worth £5 and the BoE will always exchange them. Because of this, other insitutions (including shops) can go on accepting them in the confidence that ultimately they can get full value for them.

    As I understand it, there is no equivalent promise with coins - willing to stand corrected though.
    • Caddyman
    • By Caddyman 10th Oct 17, 11:15 AM
    • 275 Posts
    • 171 Thanks
    Caddyman
    • #6
    • 10th Oct 17, 11:15 AM
    • #6
    • 10th Oct 17, 11:15 AM
    Personally, I long for a cashlesss society. To be honest, I've had enough of carrying either coinage or paper money. At every opportunity, I pay by debit card anyway. I realise my dream of there being no coinage is just that, a dream, but some of the coinage we have seems pretty pointless anyway, such as 1 penny, 2 penny and 5 pence pieces. All over the Country, people have jars stuffed full of coins, hoarding them like they've gone out of fashion and so the Mint keeps chucking out more. Hoarding coins at home seems pretty pointless anyway, it's not like they're even earning any interest....not that they'd earn much interest in a bank either!

    As for the old one pound coin, well the public were informed in March 2014 about the new coin coming into circulation in 2017 and the new 12 sided coin was legal tender from 28 March this year, so to be honest, there's no excuse for people to be hanging on to old pound coins, real, fake or otherwise. And of course, at least 3 percent of the total old one pound coins in circulation were fake anyway. I wonder just how many 'piggy bank' savers at home have a number of 'lead' one pound coins in their stash? One thing's for sure, I bet lots of people have had their hands stuffed down the backs of sofas looking for them! Cars are another favourite, jammed in seat rails etc.

    At any rate, the public have had fair warning as have retailers. What amazes me is the fact that there are now lots of car parks with seemingly totally redundant parking meter machines, my local supermarket being one of them. Every single machine is covered over because they are unable to take the new one pound coin. Same with some local Councils. They've had plenty of time to sort this out, but once again, it's not their fault is it?........
    • chattychappy
    • By chattychappy 11th Oct 17, 12:20 AM
    • 6,436 Posts
    • 3,392 Thanks
    chattychappy
    • #7
    • 11th Oct 17, 12:20 AM
    • #7
    • 11th Oct 17, 12:20 AM
    As for the old one pound coin, well the public were informed in March 2014 about the new coin coming into circulation in 2017 and the new 12 sided coin was legal tender from 28 March this year, so to be honest, there's no excuse for people to be hanging on to old pound coins,
    Originally posted by Caddyman
    I kinda agree, but I think the issue is that they are not going back to the banks. I was given two round pounds in my change yesterday. I'm not haning onto them, I'm simply still receiving them.

    Personally, I long for a cashlesss society.
    Originally posted by Caddyman
    No doubt the tax man does too, and as a compliant bloke I suppose I should be longing too. I'm using cash less since contactless came along. But I am uncomfortable about everything I do in my life becoming a piece of data that can be passed around.

    The black/cash economy is booming, at least in south London. Tax avoidance on a massive scale (and claiming benefits at the same time). Add to that newly arrived individuals (whether legal or not) who simply can not, or choose not to access banking facilities. It will be a long time before cash disappears unless the government makes a big push. I'm guessing that's why despite plenty of warning there are still round pounds circulating. A friend of mine was given an old fiver last week in her change. I think the government has underestimated the amount of cash that gets passed around without going through the banks.

    (FWIW a local Tesco Express accepted a Duke of Wellington fiver a few weeks ago. That disappeared in 1991, but of course is still good for £5. The staff member, who I vaguely know, got told off by the manager. I offered him a new £5 for it if it would help. He told the manager who then decided to tear up and bin the old note rather than face any further "trouble"....)
    • ScarletMarble
    • By ScarletMarble 11th Oct 17, 2:11 PM
    • 7,407 Posts
    • 13,601 Thanks
    ScarletMarble
    • #8
    • 11th Oct 17, 2:11 PM
    • #8
    • 11th Oct 17, 2:11 PM

    As for the old one pound coin, well the public were informed in March 2014 about the new coin coming into circulation in 2017 and the new 12 sided coin was legal tender from 28 March this year, so to be honest, there's no excuse for people to be hanging on to old pound coins, real, fake or otherwise. And of course, at least 3 percent of the total old one pound coins in circulation were fake anyway.
    Originally posted by Caddyman
    Back in 2014, Royal Mint knew that the new £1 would be in circulation by 2017. Explain why since then, they have minted an extra 250m coins? They should have halted minting of the round coin in 2014. Got the figures from wikipeida

    At any rate, the public have had fair warning as have retailers. What amazes me is the fact that there are now lots of car parks with seemingly totally redundant parking meter machines, my local supermarket being one of them. Every single machine is covered over because they are unable to take the new one pound coin. Same with some local Councils. They've had plenty of time to sort this out, but once again, it's not their fault is it?........
    Originally posted by Caddyman
    [
    Myself and others have benefited from the councils' inability to change the machines. One neighbouring council put black bags over the pay n display machines with a note on them, until further notice car parking is free as machines unable to accept new £1 coins, A friend who lives there said it was like this for almost 2 months. How much money has the council lost and any increases to council tax, will be of course be blamed on the 2 months of free car parking.[/quote]
    • Caddyman
    • By Caddyman 11th Oct 17, 6:28 PM
    • 275 Posts
    • 171 Thanks
    Caddyman
    • #9
    • 11th Oct 17, 6:28 PM
    • #9
    • 11th Oct 17, 6:28 PM
    I kinda agree, but I think the issue is that they are not going back to the banks. I was given two round pounds in my change yesterday. I'm not haning onto them, I'm simply still receiving them.

    No doubt the tax man does too, and as a compliant bloke I suppose I should be longing too. I'm using cash less since contactless came along. But I am uncomfortable about everything I do in my life becoming a piece of data that can be passed around.

    The black/cash economy is booming, at least in south London. Tax avoidance on a massive scale (and claiming benefits at the same time). Add to that newly arrived individuals (whether legal or not) who simply can not, or choose not to access banking facilities. It will be a long time before cash disappears unless the government makes a big push. I'm guessing that's why despite plenty of warning there are still round pounds circulating. A friend of mine was given an old fiver last week in her change. I think the government has underestimated the amount of cash that gets passed around without going through the banks.

    (FWIW a local Tesco Express accepted a Duke of Wellington fiver a few weeks ago. That disappeared in 1991, but of course is still good for £5. The staff member, who I vaguely know, got told off by the manager. I offered him a new £5 for it if it would help. He told the manager who then decided to tear up and bin the old note rather than face any further "trouble"....)
    Originally posted by chattychappy
    One way the Government could seriously hamper those hanging on to undeclared cash, is to announce without warning that any former currency notes and coinage held, will no longer be accepted legal tender by the BoE, thereby immediately rendering all such currency illegal and worthless. I believe the Indian Government did this recently, albeit I believe they gave people a short amount of time to exchange the Rupee notes that were withdrawn. It caused widespread worldwide chaos for those holding onto undeclared cash, especially those nationals resident abroad, which was the sole reason the Indian Government did it, to stamp out currency forgery, tax evasion and corruption.

    At the end of the day, the Government give the public more than adequate warning of currency supercession. If individuals are too bone idle to exchange what they're hanging onto, or are hanging onto cash that they've acquired through dubious means, then they deserve to lose undeclared cash. Harsh? I don't think so.

    Concerning your recounting of the old Duke of Wellington fiver, that really shouldn't happen these days. Someone thinking they're being clever by walking into a shop with out of date currency, is clearly either a bit silly, or they were a tourist to the country having brought cash with them they've had for years. At the end of the day, the person accepting the old fiver in the first instance was equally at fault for accepting it, but perhaps inexperience/age accounted for their naivety? As for the shop manager ripping it up and throwing it away, rather strange if you ask me, especially when it could easily be exchanged at any High Street Bank, providing it was indeed a real fiver, and let's face it, probably only those of us that used to use them would have an idea of whether it was or not. I do miss that old fiver!

    From another forum member's post, I too don't understand after confirming the introduction of a new one pound coin, why the Royal Mint would continue to keep minting old one pound coins in their hundreds of thousands. Perhaps sufficient amounts of one pound coins just 'go missing' or indeed quite literally, hundreds upon thousands just get thrown into piggy banks at home until swapped at the bank, thus causing a real time shortage of coinage. That being said, I've sat on enough coaches abroad and often seen one pound coins thrown into the driver's tips basket! Maybe they were fake lead ones!

    As with chattychappy, only yesterday, a local shop attempted to pass off to me a round one pound coin in my change. I however politely refused the coin and insisted he give me a new one pound coin, which I'm perfectly entitled to do. He made it perfectly clear he wasn't happy, but eventually complied with my request. Retailers know the old pound coin is being withdrawn next week and by continuing to pass them off in change so close to withdrawal because they can't be bothered to get their own house in order is poor in my view. They've had months to gear up for this, but I see from news reports that some major retailers are still handing out the round pound in change with just days to go. My contactless debit card will be getting a drubbing over the next few days!
    • chattychappy
    • By chattychappy 18th Oct 17, 11:20 AM
    • 6,436 Posts
    • 3,392 Thanks
    chattychappy
    As with chattychappy, only yesterday, a local shop attempted to pass off to me a round one pound coin in my change. I however politely refused the coin and insisted he give me a new one pound coin, which I'm perfectly entitled to do.
    Originally posted by Caddyman
    Not really sure you were entitled to refuse the old pound coin. If they owed you a pound and it's still legal tender, then I can't see how you can refuse. I suppose if you've not taken the product and the deal hasn't been concluded then you are entitled to refuse the round pound in the change and they can refuse to sell you the goods.

    As of yesterday, East Croydon Station machines still accept the old ones (even though not legal tender) but do not accept the "new" ones!
    • antrobus
    • By antrobus 18th Oct 17, 12:02 PM
    • 15,296 Posts
    • 21,827 Thanks
    antrobus
    ‘Legal tender’ is a term that people often use, but when it comes to what can or can’t be used to pay for things, it has little practical use.

    So says the Bank of England
    http://edu.bankofengland.co.uk/knowledgebank/what-is-legal-tender/

    Oddly enough, Bank of England notes are not legal tender in Scotland and Northern Ireland, and neither are the banknotes issued by Scottish or NI bank. Somehow they manage.
    • deely
    • By deely 18th Oct 17, 2:02 PM
    • 336 Posts
    • 281 Thanks
    deely
    hardly ever use cash but Saturday afternoon we had a treat and hubby got us a chippy dinner - didn't realise until Monday that there was an old £1 coin in the change, just a good job only the one!!
    • kibblerok
    • By kibblerok 28th Oct 17, 7:54 PM
    • 97 Posts
    • 67 Thanks
    kibblerok
    Tried to spend some Iíd found in an old jar in Aldi today.

    Infuriating that the till assistant, and two store managers had no idea they were still taking these and refused despite showing them several articles.

    Phoned the helpline when I got home and they contacted the store to correct them, but that didnít help me who went to Aldi specifically because they were accepting these still.

    Feels like they enjoyed the free press to get people into store and spend, but werenít entirely serious about it all.

    Will have to find time to get to the post office.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,461Posts Today

8,847Users online

Martin's Twitter