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New pound coin: are you ready?

Date: 24 March 2017

New £1 Coin ObverseWhen the new £1 coin enters circulation on Tuesday 28 March there will be just seven months until its predecessor is phased out on 15 October 2017. From this date shops will no longer accept these coins. 

The short turnaround of the new coin could affect churches who are no strangers to coins given in collections, and held in petty cash.

Once launched both types of coin will be legal tender and before 15 October old pound coins can be changed for the new tender.

Rosie Horner, Diocese of Guildford finance officer, said: “If you are holding any petty cash,  please be aware that the old round coins will need to be exchanged for the new coins by early October.”

Make sure you don’t get caught out!

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