{"id":7538,"date":"2018-03-06T10:19:06","date_gmt":"2018-03-06T10:19:06","guid":{"rendered":"https:\/\/neighbourhoodretailer.com\/?p=7538"},"modified":"2018-03-06T10:19:06","modified_gmt":"2018-03-06T10:19:06","slug":"paper-10-notes-lose-value","status":"publish","type":"post","link":"https:\/\/neighbourhoodretailer.com\/paper-10-notes-lose-value\/","title":{"rendered":"Paper \u00a310 notes lose their value"},"content":{"rendered":"

As of March 1, 2018, old paper banknotes are no longer legal tender, find out how the change in currency is impacting local retailers.<\/h2>\n

Launched in September 2017, new polymer Bank of England \u00a310 notes have now replaced their paper predecessors.<\/p>\n

Featuring a depiction of author Jane Austen, the new banknotes are similar in design to the polymer \u00a35 notes that became legal tender in May last year.<\/p>\n

Retail NI chief executive, Glyn Roberts is frustrated at how the recent changes to banknotes have been affecting local retailers.<\/p>\n

\u201cThis has been a challenging few years for shoppers and retailers with the introduction of the new \u00a31 coin and polymer banknotes,\u201d he says.<\/p>\n

Although it is at the discretion of the retailer on whether they choose to continue accepting the old banknote after the deadline, Retail NI urges consumers to exchange paper \u00a310 notes with their bank or post office to avoid any potential difficulties.<\/p>\n

The Bank of England maintains that the new note is cleaner, stronger, and safer with the added addition of Braille style bumps to help blind and partially sighted users, but local retailers are already facing difficulties with the new design.<\/p>\n

Owner of O\u2019Kane\u2019s Superstore Ltd, Armagh, Brian O\u2019Kane tells Neighbourhood Retailer that the new banknote has already been disruptive to business.<\/p>\n

\u201cIt\u2019s adding a lot of extra work and costs,\u201d O\u2019Kane says. \u201cA lot of our note counters don\u2019t process polymer notes so in the past few weeks I have had to spend well over \u00a3200 replacing them.<\/p>\n

\u201cWe also have an internal ATM \u2013 which we fill ourselves \u2013 that can\u2019t process both paper and polymer at the same time.\u201d<\/p>\n

Meanwhile Centra retailer, Ricky Leatham, believes the internal ATMs are going to be the biggest issue. He says: \u201cThe percentage that we get through on a daily basis isn\u2019t high, however if we can\u2019t lodge them in our internal ATMs we need to take them to the bank.<\/p>\n

\u201cWhat does the future hold for internal ATMs \u2013 are they going to spend the money to upgrade the machines to accept the new notes, or will the charges be passed onto the retailer?\u201d<\/p>\n

The Bank of England has outlined plans to launch a polymer \u00a320 note in 2020 but at this point has not made a decision on material for future \u00a350 notes.<\/p>\n","protected":false},"excerpt":{"rendered":"

As of March 1, 2018, old paper banknotes are no longer legal tender, find out how the change in currency is impacting local retailers. Launched<\/p>\n","protected":false},"author":11,"featured_media":7539,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[10],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/neighbourhoodretailer.com\/wp-content\/uploads\/2018\/03\/35632029110_29dd762724_o.jpg","_links":{"self":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/7538"}],"collection":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/comments?post=7538"}],"version-history":[{"count":3,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/7538\/revisions"}],"predecessor-version":[{"id":7542,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/posts\/7538\/revisions\/7542"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/media\/7539"}],"wp:attachment":[{"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/media?parent=7538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/categories?post=7538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/neighbourhoodretailer.com\/wp-json\/wp\/v2\/tags?post=7538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}