Posted by Andy Wood on April 28, 2017
The new twelve-sided one pound coin is now in circulation, offering a one-off opportunity for charities (and academies) to cash in on the change.
From 15 Oct 2017, the old round one pound coin will cease to be legal tender, giving people just six months to spend them, take them to a bank or donate them to charity.
The Royal Mint is encouraging charities to have a greater presence at retail centres and other public venues during this six month period to persuade people to donate their old coins.
The National Council for Voluntary Organisations has said it will be putting out more fundraising ideas in the coming months to help charities with collecting the old coins.
The summer months provide an opportunity for charities to organise or attend large fundraising efforts, with bucket collections linked up with gift aid.
Many people will have saved up their old pound coins in jars and money boxes. Government research suggests that 5% of the public would consider donating their old £1 coins to a charity when they cash them in.
The Bank of England are also withdrawing from circulation the paper £5 note on 5 May 2017. After this date, the only £5 note which will be legal tender is the polymer note featuring Sir Winston Churchill which entered circulation in September 2016.
The Gift Aid Small Donations Scheme (GASDS) allows charities to claim a gift-aid style top up of 25% on cash donations without the need for a written gift aid declaration from each donor. This makes it easier to maximise donations received through public collections. Since 6 April 2017 new rules make it simpler for charities to sign up and claim more through the scheme.
If you would like to discuss this or any other fundraising issue, please contact a member of our Charities and Not for Profit team.