Why The Rush?

ToraToraTora | 13:38 Mon 09th Oct 2017 | News

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After decimalisation we were still using shillings and two bob bits as 5p and 10p respectively until they redesigned them in 1992. So why can't they just collect the old pound coins as they come in?

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Buenchico

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The problem is that an estimated 1 in 40 of the old pound coins are fakes. If the forgers know that businesses will continue to accept the old coins then they'll simply carry on forging them. The whole pointy of introducing the new coins is to stamp out forgeries. However, despite the apparent 'deadline', there's absolutely nothing to prevent businesses...

13:53 Mon 09th Oct 2017

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Buenchico

^^^ 1.6 billion pounds is a drop in the financial ocean, Gromit.

The Bank of England created an extra 375 billion pounds, as 'quantitative easing', between 2009 and 2012.
http://www.bbc.co.uk/news/business-15198789

douglas9401

Can transmetallic be far behind?

ToraToraTora

Question Author

have a day off gromit they but put half a trillion in in 2007! I agree that generally it's like for like, notes and coins etc or it would get out of shape but I don't think any of that is a plausible excuse for rushing us into give in the old bin lids.