The new one pound coin
The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.
Around one in thirty £1 coins in circulation today is a counterfeit. The new highly secure coins will be introduced as of Tuesday 27 March. The new coin will help reduce the cost of counterfeits to businesses and the taxpayer.
All businesses which handle cash will need to prepare before the new £1 coin is introduced.
The new £1 coin is very different to the old one. This means that you will need to upgrade your coin handling equipment and train staff on the features of the new coin.
Coin handling equipment includes vending machines, car park ticket machines, leisure centre lockers, supermarket trolleys, gaming machines, self-service checkouts, cash counting machines and any other machine that accepts £1 coins.
Before March 2017, you should:
- Check whether you operate equipment that uses the £1 coin
- Contact your equipment supplier to find out if you need to make any adaptions or upgrades
- Make the necessary changes to your coin handling equipment
- Train your staff on the features of the new £1 coin. Materials to support staff training are available to download for free at the Royal Mint dedicated new £1 coin website: www.thenewpoundcoin.com