The old Round Pound and the new 12-sided £1 coin

As you read this, the old round £1 coins have ceased to be legal tender in the United Kingdom.

British news outlets are reporting that millions of the old round pounds are still in circulation but that might not be bad news for many Britons. There are reports that many coin-operated systems have not been converted to take the new 12-sided £1 coin including supermarkets, where a £1 pound coin is necessary to “rent” a trolley, what the British call their shopping cart.

Two of the U.K.’s largest grocery store chains have announced they will continue to accept the round pound through the end of October because their trolley systems are not ready.

Charities are getting into the act by accepting the old round pound as donations. Many charities will continue to accept the coin through the final redemption period in March 2018 as donations. The charities are working with banks to deposit the coins.

It has been fascinating to read the news of how the U.K. has tried to adapt to the new coin. The biggest issue has been with the use of coin-operated equipment like trolley rentals and parking meters. It is a lesson to any active economy, such as her in the United States, as to what could happen should the composition of U.S. coins change.

Although there have been discussions as to whether to change the composition of United States coinage, it is not likely to happen for many reasons. What may be gaining support is dropping the $1 Federal Reserve Note in favor of a dollar coin. This would not require changes in coin-operated systems but a change in attitudes. Given how resilient Americans can be, it would be possible to end production of the $1 FRN and just endure the kvetching that will ensue. That will end when people get used the coin.

And now the news…

 October 9, 2017

LeRoy Transfield A photo of the New Zealand Expeditionary Force, Native Contingent. Utah sculptor LeRoy Transfield had two uncles who served in the unit during World War I. → Read more at deseretnews.com


 October 11, 2017

The discovery of gold rings and coins on a Swedish island sheds new light on the history of the area, and could give insight into the motives for a massacre which took place in the fifth century, archaeologists told The Local on Wednesday. → Read more at thelocal.se


 October 12, 2017

Share → Read more at adweek.com


 October 12, 2017

People buy gold in various forms like jewellery, coins etc. Here are 7 things to know if you are buying gold coins this Diwali. → Read more at economictimes.indiatimes.com


 October 13, 2017

The Carl Brashear Foundation wants to bring its namesake’s legacy home to the veterans center that soon will bear his name. → Read more at thenewsenterprise.com


 October 14, 2017

By Katie Lange Defense Media Activity → Read more at dodlive.mil


 October 15, 2017

Shoppers have one day left to spend their old round £1 coins before they cease to become legal tender at midnight. Hundreds of millions of round pounds are yet to be handed in, as only hours remain before the coin drops out of general circulation.  However, major banks and building societies have said they will continue to accept the old coins after the deadline on Sunday.  They can also be deposited into any of the usual high street banks or through the Post Office. → Read more at independent.co.uk


 October 15, 2017

Sunday, October 15, 2017 → Read more at jamaicaobserver.com


 October 15, 2017

Currency modernization will help secure our financial futures and save billions of dollars for taxpayers. → Read more at cnbc.com

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Image courtesy of the Royal Mint.

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