New 12-sided £1 (1 pound) British coin goes into circulation Tuesday; some retailers/meters/vending machines not ready

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[Note:† Since this is about a fundamental unit of currency in one of the US' main allies and global†tourist destinations, I thought†that this†might be†an okay topic for the†Finance forum, but if FW decides to move it to the Travel forum, that would be fine with me.]

article:
https://www.theguardian.com/money/2017/mar/24/new-1-pound-coin-tesco-unlock-every-trolley-misses-deadline

excerpts:

Background:
"The rollout of the new coins begins on 28 March, with the Royal Mint already distributing the first of the £1.5bn worth to secret distribution centres around the UK.
The switch has happened because the old round one has become increasingly vulnerable to counterfeiters.
The Royal Mint reckons one in 30 £1 coins are fake."

Supermarket carts:
"[huge supermarket chain] Tesco is unlocking 100,000 of its coin-operated supermarket trolleys after the grocery giant failed to convert them in time for the launch of the 12-sided £1 coin on Tuesday.... The unlocking of the Tesco fleet at 200 of its biggest stores across the UK could provoke a fresh surge of trolley abuse, with shoppers having no financial incentive to return them.
Other supermarket groups including Sainsburyís, Asda, Morrisons, Aldi and Lidl said their trolleys had been fully converted."

Parking meters:
"The new £1 coin could also pose problems for drivers, with an estimated one in 10 parking meters and machines around Britain not yet ready."
"Dave Smith of the British Parking Association said.... Drivers should keep a mix of the old and new £1 coins in their cars while the changeover takes place...."

Vending machines:
"KitKat chaos also looms, with 15% of Britainís 500,000 vending machines unable to accept the new coin, despite the industry spending £32m to upgrade them."

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I have a bunch of leftover round-pounds and £5 notes. I'll survive when they no longer become legal tender. They'll still have some collectible value. When I travel to Europe I don't lug euro coins and pound coins back with me. They add weight.

burgerwars said:   I have a bunch of leftover round-pounds and £5 notes. I'll survive when they no longer become legal tender. They'll still have some collectible value. When I travel to Europe I don't lug euro coins and pound coins back with me. They add weight.
You can always exchange your 5 pound notes at the BoE counter on†Threadneedle Street (as you know, it's not too hard to get to, if one is in London anyway)†

or mail them there, even from overseas†(I don't know how they handle doing the replacement by mail - maybe they deposit the equivalent money†in a UK bank account that you have given them the details for).

---
I might have a couple of 5 pound notes somewhere.††But I can wait until the next time I'm in the City of London†to exchange those.

I think I have about 18 pound coins.††For them, I'd rather make something from them, if I can, than just let them moulder here (since I live in the middle of beyond)†and become relatively worthless.
...Even though they have lost about 50 cents each in $ value, since I "bought" them!

There is a currency†exchange counter at the nearest international†airport to me, which is about an hour-and-a-half drive away, that takes foreign coins (at least, it†did when I last used it), but†of course the gas + time would not be worth it.

Too bad that the Bank doesn't honor coins "for life", like they apparently†honor paper notes.

Hard to believe that the vending machine industry had to spend 32 million pounds to upgrade their machines to accept the new coins - what an expense!

Thanks. I have several dozen round pounds around, and about £250 of currency in my house. It's good to know paper can be exchanged forever, or until the UK collapses.

I do have a U.K. checking (current) account. The next time I'm there I'll try not to leave with old bills, but deposit them. The postage costs of mailing coins to the B of E from here would nearly offset what they're worth.

oppidum said:   Hard to believe that the vending machine industry had to spend 32 million pounds to upgrade their machines to accept the new coins - what an expense!
††
They didn't really have to. Shows you how much money they make.

Then again, it's only $64 per machine if they have 500,000 machines.

I have one £1 coin. †I guess I'll see if I can get rid of it when I'm in Northern Ireland in May.

burgerwars said:   †The postage costs of mailing coins to the B of E from here would nearly offset what they're worth.

I don't think that they will take coins by mail -- they only said in the articles that they will be accepting notes by mail.

=================
One†can hang around a bunch of parking meters that haven't been converted yet and sell the old pounds at a markup to desperate parkers.

...not to be confused with "nosy parkers".

BingBlangBlaow said:   
oppidum said:   Hard to believe that the vending machine industry had to spend 32 million pounds to upgrade their machines to accept the new coins - what an expense!
†They didn't really have to.

Are you saying that they didn't have to convert their machines in the first place, or that†they didn't have to spend as much as 32 million pounds in order to convert them?

I am assuming you meant the latter --
but since the new coin is such a different shape,
and considering the new parts required, the†travel time to all the far-flung vending machines, the tea and cig breaks, etc. of the†machine repair people,
I am not surprised that it took so much money to convert each vending machine.

====
I'm surprised that Tesco was so tardy in converting their trolleys, but then they've been having a bad few years, management-wise.

burgerwars said:   I have several dozen round pounds around.... I do have a U.K. checking (current) account. The next time I'm there I'll try not to leave with old bills, but deposit them.

Next trip, if you can take the round pounds with you over there in your checked luggage
(providing you with†a bit of spare suitcase weight for your return flight, which is no bad thing),
you can deposit those into your UK bank account through October (and possibly later, at†your bank's discretion).

------
Good idea to deposit your old bills the next time you are there --
They are switching†all the notes to polymer -- the†10 pound note is up next in September --†so you might as well get your†cash-on-hand deposited this year while it's still legal tender,†and then take†some†new notes†out from an ATM when you do need them on†subsequent trips.

oppidum said:   Hard to believe that the vending machine industry had to spend 32 million pounds to upgrade their machines to accept the new coins - what an expense!
†Upgrades are expensive. The U.S. went through this when $1 coins were being 'pushed' by the Feds. Every time the is a design change to paper money here machines have to be updated. Thirty-five plus years in the vending industry by the way.

CouponClippen said:   
oppidum said:   Hard to believe that the vending machine industry had to spend 32 million pounds to upgrade their machines to accept the new coins - what an expense!
†Upgrades are expensive. The U.S. went through this when $1 coins were being 'pushed' by the Feds. Every time the is a design change to paper money here machines have to be updated. Thirty-five plus years in the vending industry by the way.

† Nothing is forever.† And it's absolutely true, the U.S. has changed their paper currency many times, with more changes coming.† Vending machine operators had to comply or sink.† More changes are coming, but polymer notes in the U.S. are probably a long way off.† The same is true with credit cards, chip readers, and the like.† Many vending machines accept those, and owners have to incorporate changes.† It's the cost of doing business.

It is interesting to note the design of the new pound coin is based on the old "threepence", also pronounced "throo-pence" or "thru-pence", a coin whose value was... you guessed it... 1/80th of a pound. Wait, what?

Ecuadorgr said:   It is interesting to note the design of the new pound coin is based on the old "threepence", also pronounced "throo-pence" or "thru-pence

I am not sure that†the first†half of the word†would be pronounced "throo", like the word†"through"...
I think that it is pronounced "thr-uh-p".†
(Like saying "throw up" so†fast that those two words blend together.)

And the "p" sort of joins the first half of the word, more than it does the second half of the word -- sounding like "thrup-entz"

That is my impression of how it's pronounced, but it is likely that there are regional differences!

====
Anyhoo,†"Through, Pence" might be a sentiment felt by a few†(of us) Yanks†

NoMoneyInMyWallet said:   I have one £1 coin. †I guess I'll see if I can get rid of it when I'm in Northern Ireland in May.Traded in my old £1 coin for a new £1 coin at a bank in Northern Island. My life can now move on.
††



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