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In the last year there has been largescale change to legal tender in England & Wales:
- On 13 September 2016, the new polymer £5 note was issued
- On 28 March 2017, the new 12-sided £1 coin was introduced into circulation
- On 5 May 2017, the old-style paper £5 note was withdrawn from circulation
- On 14 September 2017, the new polymer £10 note was issued
Further change is scheduled for 16 October 2017, when the old round £1 coin will be permanently demonetised in England & Wales, and Spring 2018, when the old £10 note is scheduled to be withdrawn from circulation.
The Bank of England recommends that businesses prepare for these changes in the following ways:
– By ensuring you know which cash handling machines are being operated by your business;
– By contacting manufacturers and suppliers to arrange for any adaptations or replacements, and;
– By training staff members to identify the new security features and taking care to highlight or display to staff the relevant timescales for future withdrawal.
Further guidance on how to get ready your business for these changes can be found here.