All change for the UK’s cash

Business News

It’s all change when it comes to cash. Last month saw the introduction of a new £10 note and this month sees our last chance to spend the old round £1 coin.

Following on from the new Churchill £5 note, the new £10 note is made from the same polymer material, with sophisticated built-in security features.

The new notes feature an image of novelist, Jane Austen and are designed to last two and a half times longer than the previous paper £10 notes.

In a first for a UK banknote, the new £10 note features a series of raised dots in the top left-hand corner, enabling blind and partially sighted people to quickly identify it.

You still have some time remaining to spend any old-style £10 notes you have in your wallet. However, these notes will cease to be legal tender from spring 2018, with the exact date still to be announced by the Bank of England.

The same cannot be said for the old £1 coin, which are no longer legal tender as of 15 October 2017. Despite this, it is believed that around £500 million are still in circulation, following the introduction of the new 12-sided £1 coin, which was introduced in March this year with a range of innovative security features.

After 15 October, businesses are no longer obliged to accept the old £1 coins. A spokesman for The Royal Mint told the Daily Telegraph: “Following the ending of legal tender status, the current round £1 coin can continue to be deposited into a customer’s account, either business or personal, at most high street banks, provided that you hold an account with them.

“Specific arrangements may vary from bank to bank, including deposit limits. It is recommended that you consult with your bank directly.”

Link: Jane Austen £10 polymer note in circulation

Link: Old £1 coin taken out of circulation in ONE month – what should you do if you’ve still got one?

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