Why The Rush?

[ToraToraTora]

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?

[kvalidir]

For once I agree with you Tora, blimey whuddathunkit?

[Peter Pedant]

when 3t is rational he is very very rational....

Two figures for forgeries - 1 in 30 (3%) ( sunday) and 20% ( a\ few weeks ago)
but I agree their haste in their wisdom is almost unseemly
and I concluded that the forgery process had been industrialised and they were expecting a flood

[Buenchico]

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 continuing to accept the old coins if they want to so. They'll still be able to pay them into their banks but they shouldn't be giving them out in change (although, again, there's nothing to prevent them doing so if the person receiving the change is happy to accept them).

[Gromit]

I have not checked this, but I think the old coins are being melted and the metal used to mint the new coins.
They do not want to buy new metal, so the want the old ones in rapid to keep the minting going.

[Bazile]

Poundland are still accepting them

[Gromit]

Cbeebies has the answer....

http://www.bbc.co.uk/newsround/41372051

[Buenchico]

^^^ I'm pleased to find that Gromit actually means CBBC (which is aimed at youngsters from 6 to 15 years), rather than CBeebies (which is targeted at 0 to 6 year olds). Otherwise poor Thomas the Tank Engine and his friends would have to pull the weight of all those coins all the way to the Royal Mint ;-)

[ToraToraTora]

i think the forgery answer is most plausible, they must have a mountain of the metal anyway.

[ToraToraTora]

PP: "when 3t is rational he is very very rational.." - praise indeed!

[Gromit]

Buenchico
Sorry but Thomas and Friends is on ITV. The BBC has Chuggington.

[Buenchico]

^^^ It's good to know that I'm not the only one who watches the really intellectual programmes, Gromit ;-)

[Gromit]

// they must have a mountain of the metal anyway //

Nope. The need to old coins to be melted for the new ones. The Royal Mint told 'Newsround' that 1,000,000,000 had been returned, which leaves 600,000,000 still in circulation.

[ToraToraTora]

yeah but they don't need the actual metal do they? They are made of fairly unremarkable metals that they must have in stock surely? They must have made a gazillion new ones ready to replace the old ones anyway.

[Gromit]

Tora,
Just watch the link

http://www.bbc.co.uk/newsround/41372051

They have to replace 1.6 billion coins.

[ToraToraTora]

Ok fair enough, I haven't gone into it that deeply, If you say so gromit fair enough, seems odd to me.

[Zacs-Master]

'I haven't gone into it that deeply'

to coin a phrase.....PMSL.

[Gromit]

The new coin is actually bimetalic.

(Old £1 coin) Nickel-brass
(70% Cu, 24.5% Zn, and 5.5% Ni)

(New coin, outer ring)
Nickel-brass
(76% Cu, 20% Zn, and 4% Ni)

(New coin, inner circle)
Nickel-plated alloy

[ToraToraTora]

funny enough gromit when I saw the new pound coin I thought that's bimetallic that is!

[jno]

bimetallic? This bleedin' diversity gets everywhere.

[Gromit]

This is a replacement programme, unlike other coin introductions. They must take a coin out of circulation before they they can issue a new one.
Otherwise putting £1.6 billion into the economy would cause havoc.