cancel
Showing results for 
Search instead for 
Did you mean: 

Round Pound going out of fashion.... !

Community Veteran
Posts: 16,836
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Round Pound going out of fashion.... !

Empty your jam jars... piggy banks... vaults under the the stairs...

 

The round pound will become Illegal Tender after 15th October, when the new 12 sided pound coin takes over...

 

http://www.moneysavingexpert.com/team-blog/2017/02/14/youve-piggy-bank-coin-jar-watch-1-coins-will-s...

 

 

Here’s a timetable of all the forthcoming currency changes:

How notes and coins are changing
DATE EVENT
28 March 2017 New ’12-sided’ £1 coin in circulation
5 May 2017 Old ‘non-polymer’ £5 note withdrawn
15 October 2017 Old £1 coin withdrawn
Summer 2017 (Date TBC) New polymer £10 note launched
2020 (Date TBC) New polymer £20 note launched
54 REPLIES
Community Veteran
Posts: 4,598
Thanks: 753
Fixes: 3
Registered: 06-11-2014

Re: Round Pound going out of fashion.... !


shutter wrote:

The round pound will become Illegal Tender

 

Wrong choice of wording there, it's not "illegal", it'll just not be accepted as it's no longer legal tender, though as on the article, your bank will exchange old round pounds for new Thruppence pounds after the 15th of October, but only our bank that you have an account with...

jab1
Seasoned Pro
Posts: 1,494
Thanks: 264
Fixes: 5
Registered: 24-02-2012

Re: Round Pound going out of fashion.... !

@shutter Thanks for the heads-up - I don't have much change on me, so most of it will be re-circulated before it becomes 'illegal'. Nice to know though.

John
Community Veteran
Posts: 16,836
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Round Pound going out of fashion.... !

@twocvbloke  there is, I would think, and distinct difference between "tendering an out of date coin for purpose of purchase of supply of goods and services "   to that of "exchanging out of date coinage with the bank"..

 

Therefore.. if  tendering out of date coinage is not "legal"... then it must, by default be "illegal"..

MKSlinky
Seasoned Pro
Posts: 845
Thanks: 227
Fixes: 3
Registered: 26-01-2016

Re: Round Pound going out of fashion.... !

@shutter

Any mention of a polymer £50? Roll eyes

BTW, did anyone read the news article that said you can rub out a polymer note with a pencil rubber?

I tried it and it doesn't work so the Daily Mail lied !! Ticked off

Community Veteran
Posts: 16,836
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Round Pound going out of fashion.... !


MKSlinky wrote:

I tried it and it doesn't work so the Daily Mail lied !! Ticked off


 

 

Shock...    Shocked Horror ! ! !  Shocked

Community Veteran
Posts: 4,598
Thanks: 753
Fixes: 3
Registered: 06-11-2014

Re: Round Pound going out of fashion.... !


shutter wrote:

@twocvbloke  there is, I would think, and distinct difference between "tendering an out of date coin for purpose of purchase of supply of goods and services "   to that of "exchanging out of date coinage with the bank"..

 

Money that is no longer legal tender is not classed as "illegal", as there is no penalty in law for using (or trying to use) out-of-circulation coinage, unless part of fraudulent activity (but that's a different form of illegal), it's just refused and not accepted, rather than the police called and you're banged up for 3 years... Smiley

Community Veteran
Posts: 16,836
Thanks: 1,124
Fixes: 13
Registered: 06-11-2007

Re: Round Pound going out of fashion.... !

If it is "not legal tender"... then it must be.... Illegal to tender it..   no two ways about it...If you prefer not to class "non legal coinage" as legal but not usable, then that is up to you... there does not have to be "a law in statute" to criminalise its usage... if the Bank of England say it is not legal tender... then it is "not legal".. therefore it is "illegal"..

Community Veteran
Posts: 4,598
Thanks: 753
Fixes: 3
Registered: 06-11-2014

Re: Round Pound going out of fashion.... !

It is not "illegal", there are no references (other than a dodgy film) to "illegal tender", there are no references to it being classed as "illegal", therefore, it is not illegal, it is merely "no longer accepted"...

 

The only person I can find claiming it as illegal is, er, you... Roll eyes

SpendLessTime
Aspiring Hero
Posts: 2,375
Thanks: 585
Fixes: 53
Registered: 21-09-2009

Re: Round Pound going out of fashion.... !

@shutter

The default legal position of everything is that it is legal unless legislation or case law decrees otherwise.

Therefore for anything to be illegal there has to be a law/case to document said fact. There is no documented law/case of illegal tender where the issuing bank has rendered particular coins/notes as no longer legal tender.

 

And here is the Royal Mint's guide to what legal tender is and how you can use it

http://www.royalmint.com/aboutus/policies-and-guidelines/legal-tender-guidelines

Legal tender has a very narrow and technical meaning in the settlement of debts. It means that a debtor cannot successfully be sued for non-payment if he pays into court in legal tender. It does not mean that any ordinary transaction has to take place in legal tender or only within the amount denominated by the legislation. Both parties are free to agree to accept any form of payment whether legal tender or otherwise according to their wishes. In order to comply with the very strict rules governing an actual legal tender it is necessary, for example, actually to offer the exact amount due because no change can be demanded.

In practice this means that although the silver UK coins we produce in denominations of £5, £20, £50 and £100 are approved as legal tender, they have been designed as limited edition collectables or gifts and will not be entering general circulation. As such, UK shops and banks are unlikely to accept them.

The amounts for legal tender are stated below.

Notes:

In England and Wales the £5, £10, £20 and £50 notes are legal tender for payment of any amount. However, they are not legal tender in Scotland and Northern Ireland.

Coins:

Coins are legal tender throughout the United Kingdom for the following amount:

£100 - for any amount

£50 - for any amount

£20 - for any amount

£5 (Crown) - for any amount

£2 - for any amount

£1 - for any amount

50p - for any amount not exceeding £10

25p (Crown) - for any amount not exceeding £10

20p - for any amount not exceeding £10

10p - for any amount not exceeding £5

5p - for any amount not exceeding £5

2p - for any amount not exceeding 20p

1p - for any amount not exceeding 20p

MKSlinky
Seasoned Pro
Posts: 845
Thanks: 227
Fixes: 3
Registered: 26-01-2016

Re: Round Pound going out of fashion.... !

@twocvbloke

You win!

Withdrawal from circulation[edit]

Banknotes and coins may be withdrawn from circulation, but remain legal tender. United States banknotes issued at any date remain legal tender even after they are withdrawn from circulation. Canadian 1- and 2-dollar bills remain legal tender even if they have been withdrawn and replaced by coins, but Canadian $1,000 bills remain legal tender even if they are removed from circulation as they arrive at a bank. However, Bank of England notes that are withdrawn from circulation generally cease to be legal tender but remain redeemable for current currency at the Bank of England itself or by post. All paper and polymer issues of New Zealand banknotes issued from 1967 onwards (and 1- and 2-dollar notes until 1993) are still legal tender; however, 1- and 2-cent coins are no longer used in Australia and New Zealand.

 

So not illegal in the true sense of the word, it just needs to be format shifted to the newer currency by the Bank of England.

SpendLessTime
Aspiring Hero
Posts: 2,375
Thanks: 585
Fixes: 53
Registered: 21-09-2009

Re: Round Pound going out of fashion.... !

http://www.bankofengland.co.uk/banknotes/Pages/withdrawn/default.aspx

Withdrawn Banknotes
All withdrawn Bank of England banknotes remain payable at face value for all time, which will be exchanged for new banknotes at the Bank of England in London. See the Exchanging Withdrawn Banknotes page for more information.

MKSlinky
Seasoned Pro
Posts: 845
Thanks: 227
Fixes: 3
Registered: 26-01-2016

Re: Round Pound going out of fashion.... !

To make a point.., fake notes are illegal and using one knowingly is a criminal offence. The same cannot be said however if you weren't aware it was fake. Some fakes are so good even the Bank of England fails to spot them.

SpendLessTime
Aspiring Hero
Posts: 2,375
Thanks: 585
Fixes: 53
Registered: 21-09-2009

Re: Round Pound going out of fashion.... !

Yep and when they catch them, I think it would be better to offer them a job at the BoE designing new notes with better security features. Waste of talent jailing the good ones.

MKSlinky
Seasoned Pro
Posts: 845
Thanks: 227
Fixes: 3
Registered: 26-01-2016

Re: Round Pound going out of fashion.... !

You don't even need to be that talented with the paper notes, a good inkjet printer and a few crafting accessories such as rub off silver film, a silver ink pen would fool some people. Clearly it fooled my mum's local Post Office when they issued her a fake £20 with her pension. I did see this and being a graphic artist myself I was certain I could have done a better job.