What happens when?

easyrider

easyrider

easyrider

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The new pound coin comes out...what happens to the original...do shop owners etc... Get told not to circulate them back into the system and only give out new ones from the mint....?

How does it work exactly?
 
People can take them to banks. Shop owners and banks stop circulating them. People scavenge down the back of sofas to double check there's none left.
 
There will an announcement on the news and in Mcdonalds and as soon as that announcement is made any pound coins on your person will instantly become worthless. You stand to lose billions and the Chancellor of the Exchequer is lolling at you and its just another tax of the poor (everyone knows rich people dont carry pounds) and a cash grab!
 
The banks and BoE deal with it. There will be a phase were both type will be used (similar to the roll-out of notes).

You have until a certain date to exchange or bank your old pound-coins before they become defunct. After that they're not worthless, as you can still get your monetary value by applying directly to the BoE I believe, it's just the coinage won't be acceptable as day-to-day currency any more, similar if you tried to pay with an old £5 note now; worthless in shops, but you can deal with a central bank for an exchange.
 
FiremanSam said:
How are supermarkets going to deal with the trollies?
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Thats the least of the issues when introducing a new shaped coin. Every machine ie slot machine/parking meter etc etc will all need changing. Big business for some lucky company.

Plus the month the coins are released there will be counterfeits available same as the £20 notes that were going to be so much harder to copy.
 
Hopefully, it'll be a great opportunity to get rid of coin operated machines, pain in the rear who has coins on them and move to card, contactless, phone, NFC payments.

Thankfully parking has added pay by mobile in most places.
 
I think we should instead spend billions on a national identity card just to slot into these trollies.

I think this is my best ever idea. SUPPORT ME!
 
easyrider said:
The new pound coin comes out...what happens to the original...do shop owners etc... Get told not to circulate them back into the system and only give out new ones from the mint....?

How does it work exactly?
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They just stop getting made so the ones in surface already will slowly be taken out and replaced by the new one :)
 
Should've made them 11-sided, a 12-sided shape cannot have a constant diameter, meaning any coin machine that uses diameter measurements must be refitted (not to mention they can get stuck more easily). An 11-sided reuleaux polygon with the same diameter as the old pound coin would save a heck of a lot of money and, I imagine, be marginally harder to counterfeit.
 
D D Danneh said:
Should've made them 11-sided, a 12-sided shape cannot have a constant diameter, meaning any coin machine that uses diameter measurements must be refitted (not to mention they can get stuck more easily). An 11-sided reuleaux polygon with the same diameter as the old pound coin would save a heck of a lot of money and, I imagine, be marginally harder to counterfeit.
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Sounds like you know what you're talking about.

Tip: Never get a job with the government. ;)
 
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