We’ve had a whole host of new currency introduced recently, but what should you do if you still have old coins or notes knocking about?
The answer depends on what kind of currency you have, and how long ago it went out of date - while you can still exchange the recently changed notes and coins, you may be out of luck if you find any half-pence or farthings.
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How to exchange old bank notes
Both the old £10 note and old £5 note are no longer in circulation, but if you still have some, there are a number of options.
And the moment banks, building societies, and the Post Office are accepting old notes, and can exchange them or, if you have an account, deposit the money into that.
However, these organisations may discontinue this service in future. If that happens, the Bank of England are still obliged to take in old notes. You can either deliver them in person or send them by post, though this is done at your own risk.
Check out our full article on the new bank notes for information on how to spot a forgery and other things small businesses should be aware of.
How to exchange old pound coins
Unlike bank notes, UK coins are produced by the Royal Mint, who take no responsibility for coins that are no longer in circulation.
However, most banks have said that they will accept old pound coins indefinitely, though you will need to be a customer of that particular bank. If you take your coins in, they can either be exchanged for new ones or deposited into your bank account, and there is no minimum nor maximum number that can be exchanged at once.
The exact rules vary from bank to bank - for example, at Santander you can only deposit coins, not exchange them.
When is the next currency change going to happen?
The next lot of currency that’s due to be switched out for a modernised version is the £20 note, but this isn’t due to happen until 2020.
When it does happen, there will be a similar adjustment period as when the new five pound and ten pound notes were introduced, but if you miss the deadline for spending your old notes again, you’ll still be able to get them exchanged by the Bank of England.
What about the new 10p coins?
The new set of 10p coins that were released earlier in March function the same as current 10p coins, just with a new set of designs.
They shouldn’t cause any issue for small business owners, but collectors are already going wild, with one coin already selling on eBay for £8.50 - so it’s worth checking any change you get handed.