The days of the round pound are numbered…

Since March the traditional circular pound coin and a new 12-sided version, which the Royal Mint say is the most secure coin in the world, have been in dual circulation.

But as of midnight on Monday 16 October the round pound will no longer be legal tender.

Islanders who miss the deadline will still be able exchange Jersey-minted coins with the Treasury Department but coins minted in the UK would have to swapped there, a States spokesman said.

The change has caused a headache for several businesses in the Island. Vending machine firms said they have concerns that not enough 12-sided coins are in circulation in Jersey. Dodecagonal coins have not been minted in Jersey and the Island is relying on them coming over in the pockets of visitors.

Michael Niedzialek, general manager at vending machine company Vend, which operates 180 machines around the Island, said the firm had applied to their bank manager for an extension to the period in which they could bank round pounds.

‘Still only about 20 per cent of the coinage that we receive is new coinage. I just cannot see that significantly changing in three weeks’ time,’ he said,

‘We have changed the technology in about 70 per cent of our machines. At the moment they accept both kinds but we can just stop [taking old coins] when we are ready. That is not an issue. My worry is that there is going to be still quite a few of the old coins in circulation. We are relying on the new coins coming over from the UK.

‘I can only go on what cash I see coming in every day but it seems we have far more round pounds than 12-sided ones.’

The Treasury Department said they did not have figures on the number of 12-sided coins compared to round coins in circulation.

Dave Crabtree, owner of Jersey Vending Services, said: ‘At the moment I am taking 70/30 – 70 per cent the old coin and 30 per cent the new 12-sided coin. When they do knock it on the head there is a bit of worry that there might not be enough of the new coins in circulation. But, then again, they can use other coins and notes in the machine.’

He added that his bank were allowing him to bank round pounds after the 15 October deadline, so he may allow his almost 100 machines to accept the old style for a prolonged period.

The Airport is soon due to change its parking machines to accept round pounds. Jonathan Ruff, owner of Tamba Arcade, said earlier this year he was spending thousands of pounds updating his
machines.

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