DRIVERS are being asked to keep their new £1 coins handy as from Saturday (July 1), parking machines in West Devon Borough Council’s car parks will no longer accept the old £1 coins.

Customers will still be able to pay by cash using coins or by phone through RingGo.

The council has a contract with Teignbridge District Council, who count and bank the cash from the machines before transferring the income to the borough council.  Teignbridge also counts and banks cash for Exeter City Council, in addition to dealing with its own income, so the cash amounts to approximately £45,000 every day. 

The bank receiving this cash has instructed that the new and old pound coins should be separated, and having explored options for complying with this instruction, Teignbridge Council has reluctantly concluded that eliminating the old coins is the most cost-effective solution.

To continue to accept the old coins would mean employing additional staff to undertake this work, or replace counting machinery at a cost of £40,000.

At present, approximately 45% of £1 coins being counted are the ‘new’ style and the council is seeing roughly a 5% increase each week.

By the end of June the trend should see the percentage of new coins being counted at 60% before the change-over.

Cllr Robert Sampson, lead member for commercial services at West Devon Borough Council said: ‘RingGo is a great option for a quick and easy way to pay to park.

‘We are sorry for any inconvenience and hope it will not be disruptive while the “old” coins are taken out of circulation. Don’t forget you can pay with the new £1 coins.’