The Most Secure Coin In The World
From 28th March 2017, there will be a new £1 coin that goes into circulation. This will be the first replacement of the coin for thirty years, and this is due to the vulnerability to ‘sophisticated counterfeiters’. From statistics, we can see that for every thirty pound coins at least one is counterfeit. The new coin will be highly secure and has been put in place to reduce the number of counterfeits.
Therefore, we will need to prepare before the new £1 coin is introduced. First, we will need to check all our current equipment to see what takes the coin as the new design is very much different.
The Royal Mint have provided a small checklist you should consider before the 28th March:
- Check whether you operate equipment that uses the £1 coin.
- Contact your equipment supplier to find out if you need to make any adaptations or upgrades.
- Make the necessary changes to your coin handling equipment.
- Train your staff on the features of the new £1 coin. Materials to support staff training are available to download for free at www.thenewpoundcoin.com.
For the first six months of the circulation period, both the current and the new £1 coin will be in circulation and within this time all businesses will be able to accept both coins.
Although, if you do have specific coin handling equipment you will need to check with your suppliers and let your customers know.
You will need to check with your bank or CIT provider to return the new and current coins in separate packaging, but you will need to check with your bank for more details.
After the six-month co circulation period ends it will mean the round £1 coin will no longer be legal tender (15th October 2017). Meaning that you should no longer accept the round £1 from your customers, also meaning you should not distribute it either.
Visit www.thenewpoundcoin.com for more details.