Cymraeg

Is your business ready for the new £1 coin?

13/04/2017 00:00:00

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The Royal Mint officially launched the new 12-sided £1 coin into circulation on 28 March 2017.

The latest edition includes a string of high tech security features, including a hologram, to help crack down on counterfeit copies. It will replace the current 'round pound', introduced in Britain more than 30 years ago and can be used alongside the old pound coin until the round pound ceases to be legal tender on October 15.

Replacing £1 notes, the round £1 coins were first launched in April 1983, with approximately 2.2 billion now in circulation. However, one in thirty £1 coins is said to be counterfeit, due to the vulnerability of the design to sophisticated copying, with some nine million counterfeits being detected and withdrawn by the Treasury in the last five years.

In addition to the built-in high-security feature hidden from view, it is the combination of the new coin's design and weight that, according to the Royal Mint, make it “the most secure coin in the world”.

Some of these security features include the fact that it’s 12-sided, is made of two metals, has milled edges and micro-lettering made with an advanced laser system, as well as having a hologram-like central image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. 

All businesses who handle cash will need to prepare for the introduction of the new £1 coin, including an awareness of the period they can accept both coins as legal tender at the same time, plus the demonetisation date when the current £1 coin is no longer legal tender.

Businesses using vending, ticket, parking and fruit machines, as well as supermarket trolleys, pay phones and customer lockers will also need to check with their equipment suppliers that the new £1 will be accepted from the demonetisation date, as not all machines will work with the new coin. 

The legal tender status of the round £1 coin will be withdrawn on 15th October 2017.  From this date shops and various machines will no longer accept these coins, but businesses will still be able to take them to their banks. 

Many banks and building societies will continue to accept the old pound coin even after 15 October, although this is at their own discretion and Barclays, HSBC, Lloyds/Bank of Scotland, Nationwide, RBS and Santander have said they will only offer this service for their own customers.  Businesses are, therefore, advised to consult directly with their banks about this.

Alternatively, businesses can also take the round £1 coins to their local Post Office branches to be exchanged for the new editions.

Some of the round £1 coins returned by the public will be melted down and reused to make the new £1 coin.

Further information on how to manage the introduction of the new £1 coin into your business, including free downloadable staff and customer resources, can be found at: www.thenewpoundcoin.com.