Is Your Business Prepared For The New Pound Coin?
Royal Mint have recently announced plans to release a brand new £1 coin into circulation for the first time in almost 35 years. The new design steers away from the iconic round shape and instead incorporates 12 sides similar to the threepence piece used before the 1970s.
The new design is due to begin circulating in March 2017 but businesses are being told to prepare their cash management processes now to give plenty of time for a smooth changeover. So why are they changing the £1 coin after all these years in circulation? Well it is believed that around one in every 30 £1 coins in circulation is counterfeit raising concerns for their credibility. The new coins have been specially designed to be more difficult to counterfeit.
Royal Mint has released some tips for businesses in the cash handling industry so here’s what you need to know.
New Coin Specifications
The new £1 coin will be 12-sided with milled edges. It will be made out of a metallic composition of nickel-brass outer and nickel-plated solid alloy inner weighing 8.75g with a diameter of 23.43mm from point to point.
Circulation of the new coin will begin in March 2017 but it won’t be a straight changeover, there will be six months of co-circulation with the old £1 coin before they are withdrawn and will no longer be legal tender. While this co-circulation takes place, banks will only be issuing the new £1 coin.
Support for Businesses
The Royal Mint has advised businesses to plan and prepare for the handling the new coins by educating staff on the changeover, purchasing new equipment that is compatible with the new shape or discuss with manufacturers whether the current equipment is suitable. Some cash handling equipment will just require a simple software upgrade whereas other may need replacing.
In order to enable manufacturers and businesses to test their equipment, Royal Mint will be releasing batches of coin samples. The samples will not contain the unique design so will not be legal tender and can only be used for testing purposes.
Associated Security Cash Management Solutions
Here at Associated Security, we provide a wide range of cash management solutions perfect for businesses within the retail and banking industries. Our products are proven to save businesses time and money during the cash handling process. If you would like to talk through the products we can provide for your business with a member of our sales team, please call us on 0161 832 2777 option 2.
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