The ‘old’ pound coin

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What’s the cost of getting rid of the old pound?

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Oooh this question has a rather sinister tone to it and I love it!!

You have until October to get rid of ‘round’ £1 coins after which The Royal Mint comes after the family dog! (ok I may have taken it too far…)

Basically, people are being urged to return the old £1 coins before they lose their legal tender status before October 15, but don’t worry you can still return them to the bank after that point! http://www.walesonline.co.uk/news/wales-news/new-12-sided-1-coin-12389262 So if you’re one of those people that make up the £1.3 billion worth of coins stored in saving jars across the country (1/3 of these coins are £1 coins) get a move on! Hopefully then, the only cost for you, the consumer would be a slight inconvenience of going to the bank (maybe some difficulty with lockers, vending machines, washing machines and trolleys! But I’m sure this is more of a cost to businesses rather than yourself). http://www.walesonline.co.uk/news/wales-news/new-12-sided-1-coin-12389262

According to the Guardian updating a vending machine would cost around £100, parking machines between £90-£130 per machine for the simplest software upgrade to most parking meters, £250-£350 if the validator needs replacing and “considerably more” if the meter must provide change. In total the British Parking Association said it could cost up to £50 million just to adapt Britain’s Parking meters – more optimistically, the Royal Mint put the cost of changing “all the machines in the country” at just £15-20 million. Owners of older, simpler mechanisms – lockers, washing machines, shopping trolleys – have four unappealing choices. They can pay to have all the locks replaced. Will Knight, general manager of Locker Shop, put a “purely ballpark” estimate of £40-£50 a locker on this, not including labour. A gym with just 50 lockers could therefore end up spending £3,000. Faced with a bill like that, some businesses may just refurbish the entire changing room with new lockers, if a refurbishment was due. Options three and four, which I’m guessing will be most popular, are to switch to pound-shaped plastic tokens, which is a constant hassle, or, in gyms with more lockers than members, to give everyone their own key. Although, as Knight points out: “It only works if you’ve got an administration system that is capable of issuing the keys when they need to be issued, and retrieving the keys when they need to be retrieved.”
One comforting thought, at least, is that this may never happen again, since all coins bar the 20p and the coppers have been recently updated, and card payments look likely to take over soon. “Probably in about 15 years’ time there will be no machines with coin mechs on them,” Sucksmith says. “That’s my prediction.” https://www.theguardian.com/money/shortcuts/2016/nov/01/new-pound-coin-uk-march-how-much-cost

I’d say, keep one for old times sake!

Lizzie

by LizzieH on August 27th at 6:57pm
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