The pound coin has been in circulation since 1983, originally replacing the pound note. The Royal Mint is releasing a new 12-sided £1 coin this March due to the rise in counterfeit coins in the UK, making the existing pound much more vulnerable. It is said that, today, one in thirty pound coins in circulation are counterfeit, some of which are very hard to detect.
This new 12-sided coin will enter circulation on 28th March this year, and The Royal Mint is producing 1.5 billion coins. People will have until the 15th October 2017 to use any old £1 coins, and after this seven-month window, the round pound coin will no longer be a legal tender to use in shops and businesses.
The new one pound coin is said to be the most secure in the world as it has several features that makes it a lot more difficult to counterfeit. The most distinctive feature will be the 12-sided shape making it instantly recognisable by sight and touch. An image like hologram will be seen on the face and this will change from a pound sign to a number one, it will also have a hidden security feature built into the coin.
Important dates for businesses:
The lead up to 28th March 2017 –
- Make changes to any coin handling equipment you may have such as vending machines, self-service checkouts and lockers. Get in contact with suppliers to make any upgrades or adaptations to equipment to prepare your business for the introduction of the new coin.
- Consider any changes that will need to be made to banking and cash handling procedures of the business over the co-circulation period.
Co-circulation period 28th March 2017 to 15th October 2017 –
- During this period, you can accept both coins from your customers, but make sure you have measures in place to store the old and new coins separately.
- If you have changed any equipment, make sure that you clearly notify customers if the equipment can dispense just one of the coins or both.
Demonetisation 16th October 2017 onwards –
- You will not be able to accept or distribute the round pound coin to your customers from this date.
- It is advised that any old coins are deposited before this date, however the round £1 coin can continue to be deposited at your local bank’s discretion.
If you need any more information in preparation for the new one pound coin, visit www.thenewpoundcoin.com.