UK’s new £1 coin: how retailers should prepare
A new 12-sided £1 coin comes into circulation from March 28th, with the withdrawal of the current round unit hoped to be completed by October 15th.
Dubbed “the most secure coin in the world”, the soon-to-be-issued Pound will resemble the current £2 coin, with a nickel-brass outer and inner nickel-plated alloy. Featured on the coin will be a hologram that changes from the £ symbol to the number 1 when viewed from differing angles. A further hidden high security feature is built in to protect from future counterfeiting.
Retailers are now advised to get familiar with the new tender, with the Royal Mint issuing the following advice:
October 2016 to 27 March 2017
Preparing for the new £1 coin
- 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.
28 March to 15 October 2017
Co-circulation period
- you can accept both coins from your customers.
- to enable banks to process your coins during the co-circulation period please ensure that old and new £1 coins are not mixed but returned in separate bags.
- your equipment may be able to accept or dispense both £1 coins or just one. Please check with your equipment suppliers.
- you will need to tell your customers which coins your equipment can accept.
16 October 2017 onwards
Demonetisation
- all your coin handling equipment should be able to accept the new £1 coin.
- you are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin.
- the round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office**check with your bank for more details, including deposit limits.
