Businesses being urged to prepare for new £1 coin
08 November 2016
8 November 2016
As HM Treasury and Royal Mint say, the pound won’t be ‘round’ much longer as the 30 year old coin is being taken out of circulation in favour of a new 12-sided £1 coin in March 2017.
A new website has gone live with a campaign to support retailers and other major businesses to prepare for the historic new £1 coin.
The government and Royal Mint are supporting all businesses affected as the old pound coin is brought out of circulation and replaced with a new 12-sided version.
The new pound coin will be the most secure of its kind in the world, to combat counterfeiters who have around 45 million counterfeit £1 coins currently in circulation. New security features include a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. It also has micro-lettering and milled edges.
Businesses of all sizes are being encouraged to visit the New Pound Coin website to find out how to get ready for the change, and to download helpful materials to help educate and train staff.
All cash handling businesses should take the following steps before March 2017:
- check whether they operate equipment that handles the £1 coin
- contact their equipment supplier to find out if they need to make any adaptations or upgrades
- make the necessary changes to their coin handling equipment
- train their staff on the features of the new £1 coin
- make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.