Are you ready for the new £1 coin?
You may or may not be aware that the £1 coin is changing. The change could mean huge cost for businesses who have to upgrade equipment to accept the new coin and it is estimated it will cost between £15 and £20m to change all the current machines in the country.
Here are some facts about the new £1 coin:
- A new £1 coin will be introduced in March 2017. It was designed by 15 year old schoolboy David Pearce from the West Midlands who entered a competition and won.
- The current £1 is one of the oldest British coins in circulation, first issued in 1983, and has become vulnerable to forgeries. It’s estimated that one in every 30 £1 coins in circulation is fake, generating significant cost to taxpayers, industry and the general public.
- The new coin will have 12 sides and will feature the four symbols of the UK – a rose, leek, thistle and shamrock. It also has the Royal Mint’s new anti-counterfeiting technology; milled edges.
- The new coin will be the most secure circulating coin in the world to date, with two different coloured metals and a high security feature – a revolutionary new high security coinage currency system developed by The Royal Mint
- There will be a six month grace period between the old and new £1 coins.
- All machines that accept the old £1 will have to be changed i.e. shopping trolleys, vending machines, parking meters, lockers…
If you own standard trolley coin keyrings then soon these may no longer work! Businesses are being consulted about any necessary upgrades to equipment to accept the new coin.
New shape trolley coins are sure to be available in the coming months so sign up for our newsletter to receive product updates.