Treasury minister visits Dagenham coin storage facility

PUBLISHED: 15:39 24 August 2017

Exchequer secretary to the Treasury, Andrew Jones MP, at Vaultex UK Ltd in Dagenham

Exchequer secretary to the Treasury, Andrew Jones MP, at Vaultex UK Ltd in Dagenham

HM Treasury

There are quite a lot of differences between the old and new pound coins - the number of sides, for a start.

Andrew Jones holds £1 coins at Vaultex UK Ltd in DagenhamAndrew Jones holds £1 coins at Vaultex UK Ltd in Dagenham

But with less than eight weeks to go until the old ‘round pound’ ceases to be legal tender, many businesses are still confused by the two.

The exchequer secretary to the treasury, Andrew Jones, visited Dagenham’s Vaultex UK Ltd today to see how the transition was going.

As one of the UK’s largest coin storage facilities, the centre is responsible for helping to filter the old coins out of circulation.

But Mr Jones warned that half of the £1 coins being returned to the facility are of the new 12-sided variety, which came into circulation in March, rather than the old circular one.

This slows the transition process down by removing new coins from entering circulation and keeping the old ones in purses and tills.

Mr Jones said: “There has been a fantastic effort from both the public and businesses in returning more than 1 billion old round pounds, and I thank everybody involved in this process so far. But there is still more to do before the October 15 deadline.

“Businesses must remain vigilant when returning coins and ensure old and new coins are organised in separate packaging to make the sorting process quicker and easier.”

He added: “We also want cashiers and shopkeepers working at till points, who are truly on the front line of the changeover, to play their part to ensure only new pound coins are given to shoppers in their change.”

Businesses are being reminded to check all types of equipment and locations that may still contain old coins.

After October 15, they are not required to accept the old £1 coin from customers and should not be handed out as change.

Anyone who finds old coins after the deadline can take them to their bank, but people are advised to spend, bank or donate them before then.

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