Out with the old and in with the new but for how long? As of this week, old £1 coins are no longer legal tender, making this the third major change in British currency in the past 6 months alongside the new £5 & £10 notes.
However, with the idea of a cashless society becoming a very real prospect not just in our lifetime but probably within the next 10 years, was it really all worth the switch?
According to a recent report, Britain is ranked third in the world in its readiness to go cashless. Canada tops the list with their love of plastic and a contactless limit up to $100, followed by Sweden leading the way in Europe. Expect China to follow suit too, ranked Asia's most cashless economy, digital money transfers are huge with WeChat Pay & Alipay dominating the app payments market.
In Sweden, 59pc of consumer transactions are completed through non-cash methods, and 47pc of citizens are aware of the types of mobile payment services available to them, making it the second most cashless country in the world.