New pound coins and notes have been in circulation since 2017, but you could still come across old money that can\u2019t be spent and wonder what to do with it<\/p>\n\n\n\n
Whether you\u2019ve been handed old pound notes in your shop or found a jar of coins lying around, don\u2019t worry. You can still exchange them for new money in a few different ways. <\/p>\n\n\n\n
If you\u2019ve got old money and don\u2019t know what to do with it, you have a few options: <\/p>\n\n\n\n
Yes, as a private business, you don\u2019t have to accept any specific form of payment, including cash. You should politely refuse old notes or coins if you spot them at the point of sale.<\/p>\n\n\n\n
It\u2019s important to remind your staff of this too \u2013 especially in cash-heavy businesses like caf\u00e9s or shops. <\/p>\n\n\n\n
You need to hand any counterfeit money you receive to the police. They\u2019ll fill in a NCO-1 form and provide you with a receipt and incident number. <\/p>\n\n\n\n
You can\u2019t get your money back if you\u2019ve been given a counterfeit note, which makes spotting a counterfeit note even more important. <\/p>\n\n\n\n
One of the reasons new style bank notes were introduced is to make them harder to fake. This video from the Bank of England goes through the key features of the new notes. Making it easier to spot a fake one. <\/p>\n\n\n\n