The New Pound Coin: Six Key Facts for Businesses
The new pound coin will be available from 28 March 2017 and the current round pound design will be phased out. You should begin to prepare to accept the new coin, particularly if your business has machines with coin slots. Here are the main facts you should know about the new pound:
1. A more secure pound coin: The main reason the new coin is being introduced is to discourage counterfeit coins. Currently around one in 30 pound coins are fake. The new pound has a range of measures that make it harder to copy – it is 12-sided, bimetallic and includes a latent image that appears to change when viewed from different angles.
2. Money handling equipment: All machines that accept pound coins, such as vending machines, ticketing machines and self-service checkouts, will need to be upgraded in time for the changes. You should contact your supplier about adaptation and replacements.
3. Get ready: Prepare for the new coin by considering any changes to your cash handling processes, eg counting, storing and banking. Ensure your staff are aware of any changes to procedure and are trained in the features of the new coin.
4. The co-circulation period: From 28 March 2017 to 15 October 2017, both versions of the pound coin will be in circulation for six months, and your business can accept them both. During this time, you should decide if your cash handling equipment will accept the old, new or both coins.
5. Demonetisation: After 15 October 2017, your business should stop accepting or distributing the old pound coin. It will still be possible to deposit the coins at banks and post offices.
6. Help and resources: The Royal Mint are providing information and resources at www.thenewpoundcoin.com. This includes downloads such as an information leaflet (PDF, 3MB) and a diagram of the new coin (PDF, 105KB).
