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who gives £1 coins back to the bank?

so its revision time and im in the library procrastinating at 10pm...

who actually gives £1 coins ect back to the bank?

because businesses will need change for customers and deposit notes. but who gives the pound coins back to the bank for recirculation?

the only answer i have is parking ticket machine companies

Reply 1

RVNmax

Original post by good morning

Where do all the coins go when you pay someone. Business don't need to keep that many coins, and they also need notes which they run out of. So I guess, businesses go to the bank to exchange coins for notes.

Some people also deposit their personal coins that they have collected in a piggy bank as well. :smile:

Though I think the amount of people doing that would have decreased.

Reply 2

suedonim

businesses put them in plastic bags and take them to the bank along with other coins that are more than they need to keep for change.

Reply 3

Runninground

When businesses like shops take your change they don't keep it all. They will give most to a bank who will take them and put the balance in a bank account

Reply 4

Old_Simon

Fruit machine operators.

Reply 5

joey11223

Must depend on the business, I work in a retail chain and we never send change back to the bank. Only bricks of £1k in 20/10/5's go back. But eventually OP businesses will give more back than they get from you, it's much more common for people to pay with notes than coins, even for like £2-3 purchases. So we always need top-ups, mainly £1 coins ironically...

Reply 6

SloaneRanger

You do know that bank charges businesses on coins taken in, thats how they make money, ROFL. It provides a vital form of revenue, if they didn't have coin, it be kind of a problem.

Reply 7

HFF

I keep a money box which I put my coins in every day, reaps about $50 every 3 weeks or so which is a good result.

At my work, we bag our excess coins up and bank them.