Are You Ready For The New The New £1 Coin?The new £1 coin comes into circulation tomorrow (Tuesday, March 28). With 12 edges and a hologram-like image on the coin face, it is billed as the “most secure coin in the world”, and is being replaced for the first time since it was introduced in 1983 because of its vulnerability to counterfeiters.
The Royal Mint has said that approximately one in 30 £1 coins in circulation are fake.
So, the most important question, how will it affect your business?
Well, all businesses which handle cash will need to prepare for the:
- introduction of the new £1 coin;
- co-circulation period, when the new £1 coin and the old £ coin are in circulation at the same time; and
- demonetisation, when the current £1 coin is no longer legal tender.
1.The co-circulation period, March 28 to 15 October 2017, you can accept both types of £1 coins from your customers but will need to place old and new £1 coins in separate bags so that banks can process them.
- The demonetisation period, October 16, 2017 onwards, all your coin handling equipment should be able to accept and handle the new £1 coin. It’s best to contact your manufacturer or supplier to find out whether you need adaptations or replacements, and you are under no obligation to accept the round £1 coin from your customers and you should not distribute distribute the round £1 coin.
- You should train your staff on the features of the new coin. Free materials are available to download at www.thenewpoundcoin.com.
Equipment such as gaining/slot machines and money dispensing machines may be able to accept and dispense both the new and old coins, however, the government is urging hospitality businesses to check with their suppliers.