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Tuesday, 26 May

Pound Won't Be Round Much Longer

A new campaign to support retailers and other major businesses to prepare for the new £1 coin has been launched. The 30-year-old pound coin is being brought out of circulation and replaced with a new 12-sided version. One of the biggest headaches will be adapting coin-operated vending machines.

The ‘Is your business ready campaign?’ is live and provides businesses with materials aimed to support them in their preparation for the new coin, which comes into circulation in March 2017.

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.

 

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

David Gauke, the Chief Secretary to the Treasury, said: "The pound as we know it will not be round for much longer. The introduction of this new £1 coin will be a highly significant event and we are working with The Royal Mint to ensure key industries are ready and to ensure a smooth transition."

Adam Lawrence, Chief Executive of The Royal Mint, said: "We would encourage business owners to visit the website as soon as possible, to find out how the new £1 coin could affect their business and what steps they need to take to prepare for the launch of the coin in March 2017."

Picture: The New £1 coin

Article written by Cathryn Ellis

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