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14 October 2017

Small businesses welcome common sense approach to the new £1 pound coin switch-over this weekend

With just two days to go until the old £1 coin ceases to be legal tender, Mike Cherry, Federation of Small Businesses (FSB) National Chairman, said:

“Many small businesses have been working towards the switch-over date for the last six months and will be pleased to finally only have to deal with one type of £1 pound coin.

“The best thing would be for everyone to dig out their old round pound coins this weekend and spend them in a small business before the deadline.

“But, as there will be some customers who don’t realise the deadline is imminent, it’s common sense for businesses to be able to use their discretion for the next week or so and to accept the old round pound coins and then still be able to pay them into their bank or post office.

“The new, 12-sided coins are much more difficult to counterfeit, which is welcome news for businesses in the long term, despite the cost and upheaval of having to deal with the switch-over.”