Is your business ready for the new 12 sided pound coin? On the 28th March the new coin will be introduced and with it, a six-month transitional period of phasing out the old coin.
The current £1 coin is being replaced due to sophisticated counterfeiters, according to The Royal Mint “approximately one in thirty £1 coins in circulation today is a counterfeit.” The new coin is much more secure and is being produced with the aim of reducing costs of counterfeits to businesses and the taxpayer. It has hidden high security features that will protect the coin in the future though the details of these features are unknown.
If you own a business that handles pound coins, you must find out if you need adaptations or replacements to your coin handling equipment ready for 28th March. See below for the new dimensions:
All coin operated machinery and equipment will be affected by the new coin, this includes businesses with vending machines, pubs with slot machines, casinos, even trolleys at supermarkets and car park payment machines will have to be altered to accept the new pound.
Businesses will need to find ways to accept both the old and new style pound coin as during the co-circulation period both will be accepted as legal tender. After the 6 month period on October 15 2017, it will be the end of the coin that has been used for the last 30 years.
Sources: The Royal Mint