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Old £1 coins


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#1 Boogaloo

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Posted 19 September 2017 - 08:28

Last week I had a 6 year old pupil turn up with an envelope full of coins as payment for her lesson - £21 all in old £1 coins - somewhat awkward as I had to sit there counting them all out, gradually realising that the parent had forgotten that my fees had increased and had also decided to offload all her unwanted old £1 coins onto me - not a single new one in there! (The parent made up the difference at the end of the lesson with shiny 50ps!) Now I know it's still currency until mid October but I couldn't help feeling somewhat irritated and have just put together a slip to inform parents that as of next week I won't be accepting the old coins. It's frustrating as many parents pay with BACs and I don't go to pay in my cash until the end of each half term owing to time constraints. Has anyone else had this problem?! Thought I would highlight in case anyone else finds themselves not able to cash in their hard-earned money if they leave things too late. Strangely I didn't really get the problem with the £5 notes but I also sent a text out to let parents know. I just didn't expect that many £1 coins all in one go and I didn't expect to be used as a bank/PO!


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#2 The Great Sosso

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Posted 19 September 2017 - 09:13

What a pain.  However, I think it is an understandable assumption by your student's parent that you would go to the bank more frequently than she, to deposit the coins.   We always like to moan on this forum that people don't respect what we do as a business (paying late, asking for favours etc) yet part of running a proper business is dealing with the payments that come in, so we can't have it both ways really.  Good heads up though - will be checking the children's piggy banks this afternoon.

 

Why don't you make the trip to the bank more pleasant by carving out an hour of "me" time and  factoring in tea and a bun on the way home? 

 

TGS X


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#3 jenny

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Posted 19 September 2017 - 09:21

Not quite the same, but I was paid fees in cash by the father of two brothers last week and he gave me fourteen £2 coins as well as some notes!    


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#4 Fazioligirl

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Posted 19 September 2017 - 09:32

There's always a period of grace when you can cash old currency in at the bank after shops no longer accept them but it is something we need to be aware of when paid in cash. Most of mine pay by bacs but a handful still use cheques which,as The Great Sosso says, is always used as an excuse to go out for coffee and cake;) I actually don't mind having a few who pay by cash as it saves a trip to the cash point. Thanks for flagging it up as I hadn't really thought about pound coins running out!
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#5 Piano Meg

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Posted 19 September 2017 - 10:29

I just changed an old £5 note at the bank last week, so I can testify to the grace period by banks! 


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#6 linda.ff

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Posted 19 September 2017 - 10:47

I rarely go to the bank nowadays. It entails a trip into town, as many banks will only deal with matters like this if you can produce your card to prove you're a member and our building society doesn't have a branch near us. I don't take cheques any more, so apart from cash everything is done online, and cash payments always get logged in my teaching accounts online - I always declare everything I earn, and having done that it's mine to do as I like with it (until the tax man comes with his hand held out) so mostly I'm the family cash machine - we rarely have to use an ATM either. (Someone tried very hard to convince me that everything I ear has to go through the bank so that HMRC can look at my account and see what I have really earned, but I have been more reliably informed that this simply isn't true - and anyway, I would be declaring a lot more than they actually see going in, so I can't see how it would be a problem).

 

I do keep a small pot containing £1, £2 and 50p coins, the only ones I will be using for change, and I counted 27 old pounds. So they are now at the top of the pot for giving change, and ten of them are in a small bag in my coat pocket for using at the post office etc.

 

My building society accepted a deposit of over £100 of old fivers a few months ago, so once the cut-off point for currency has passed, I'll put the ret of the old ones aside till I can get to the bank.


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#7 Fazioligirl

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Posted 19 September 2017 - 10:59

Good point Linda Ff - I must check my change pot too!
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#8 ontheblackkeys

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Posted 19 September 2017 - 11:40

A couple of these posts have reminded me that a new parent gave me £1's worth of coppers and 5ps as part of her payment last week.  She did apologise profusely but I really hope she doesn't do it again!  My purse is now much heavier, without me being any richer (I swapped the change for a £1 coin of my own so I could bank the cash).


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#9 jpiano

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Posted 19 September 2017 - 12:35

I collected up all our old £1 coins and swapped them at the bank last week and topped up my change pot i keep-although i don't use it much now most pay my bank directly. . I will still accept the old coins until the cut-off as they're legal tender and I'd be pretty miffed if a shop refused them-but I don't think there's any harm in asking politely if they have any alternative coins. Am keeping an eye on change given me- Tesco tried to give me several of the old coins last week but were fine to swap them when I asked. 


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#10 maryellen

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Posted 19 September 2017 - 13:51

I am on the look not to take payment  in old £1 coins.

 

Two days before the old £5 notes discontinued, I was paid with 4 of them. 

I didnt realise they were old notes at the time, but the next day I tried to pay for shopping in a well known supermarket, using the old notes , and was refused.

I tried in another shop and was refused again.

I tried to change them in NatWest, but as I am not a customer, they also refused to take them .

 

I dont live near to the bank I use, so had to make a purpose trip into the town to exchange them.

 

Like I say, I will be on guard this time !!!!


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#11 Sautillé

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Posted 19 September 2017 - 19:32

The whole cash thing... change.... people forgetting the money..... people turning up 50p short and expecting me to say I don't mind etc etc coupled with last minute cancellations because of cricket fixtures/football matches etc and some children's attendance has led to me, this term, binning cash except for a couple of my oldest families. I'm on half termly bills, in advance, with 2 week notice of absence except for illness. I'm always expecting to be generous on this but for me it came down to making parents have to think about priorities....(why should extra cricket be more important than piano in a term with a piano exam??) and being fed up with dealing with change!
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#12 sbhoa

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Posted 19 September 2017 - 21:03

The whole cash thing... change.... people forgetting the money..... people turning up 50p short and expecting me to say I don't mind etc etc coupled with last minute cancellations because of cricket fixtures/football matches etc and some children's attendance has led to me, this term, binning cash except for a couple of my oldest families. I'm on half termly bills, in advance, with 2 week notice of absence except for illness. I'm always expecting to be generous on this but for me it came down to making parents have to think about priorities....(why should extra cricket be more important than piano in a term with a piano exam??) and being fed up with dealing with change!

I sorted it by moving to a flat monthly rate to cover 40 lessons a year. 

Now I don't need to think twice about those who cancel.


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#13 Lucid

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Posted 19 September 2017 - 21:07

I always pay my cash in at the local post office (a counter in a local shop). I don't like going in to town to visit the actual bank and as there are several post office counters around my area it's quite convenient to pop in a pay the cash in to my account that way. I stopped taking cheques a while ago as I was only getting one per month, and I didn't like to travel to the bank just for that. Most of my students pay by bank transfer now.

 

Lucid :)


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#14 fsharpminor

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Posted 20 September 2017 - 07:20

This is a far cry from my early piano lessons in the mid 50's, when I marched along to my lesson with a 'Half crown'  (2/6d)


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#15 jenny

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Posted 20 September 2017 - 08:44

This is a far cry from my early piano lessons in the mid 50's, when I marched along to my lesson with a 'Half crown'  (2/6d)

 

When I started piano lessons (also in the 50s) the fee was 2 guineas (!) but I rather think that was for a set of lessons. Not sure how many it covered. 


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