The Royal Mint is urging retailers to prepare as the 30-year-old round pound coin is brought out of circulation and replaced with a new 12-sided version. The target for the introduction of the new coin is the last week of March 2017.
The new pound coin will be the most secure of its kind in the world, says the Mint. Around 45 million counterfeit £1 coins are in circulation, generating a cost to industry and taxpayers. A new campaign to support retailers to prepare for the new 12-sided £1 coin has been launched. This includes a website, a short film about the coin and downloadable materials.
What do you need to do before March 2017?
Check whether you operate coin handling equipment that handles the £1 coin e.g. vending machines, children’s rides, change machines, etc. (If you do, manufacturers will be busy during the period leading up to the introduction of the new coin. In order that your upgrades are completed before March you should contact them as soon as possible.)
Book an appointment to make any necessary changes to your coin handling equipment
Use the new website to train your staff on the features of the new £1 coin
Make arrangements with your bank, the Post Office or cash in transit provider to return the current £1 coin and new £1 coin during the six month co-circulation.
New features of the 12-sided £1 coin
12-sided with rounded edges
Bimetallic – the outer ring is gold coloured and the inner ring is silver coloured.
Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’.
Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side.
Milled edges – it has grooves on alternate sides.
Hidden high security feature – a high security feature is built into the coin to counter counterfeiting. Visit www.thenewpoundcoin.com.
