A new 12-sided £1 coin is due to enter circulation from 28 March 2017.
The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters. Approximately one in thirty £1 coins in circulation is a counterfeit.
The Royal Mint is producing 1.5 billion new, highly secure £1 coins to reduce the costs of counterfeits to businesses and the taxpayer. All businesses which handle cash will need to prepare for the introduction of the new coin, the co-circulation period when the new and old £1 coins are both in circulation at the same time, and for demonetisation in autumn 2017 when the current £1 coin is no longer legal tender.
The advice to businesses in the run-up to March 2017 is:
- check whether you operate equipment that handles the £1 coin
- contact your equipment supplier to find out if you need adaptations or replacements and by when
- make the changes to your coin handling equipment
- train your staff on the features of the new £1 coin
- consider any changes to your cash handling processes e.g. counting, storing and banking during the co-circulation period.
For more information please visit thenewpoundcoin.com.