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Businesses urged to prepare for new £1 coin

17 January 2017 by
Businesses urged to prepare for new £1 coin

Hospitality companies are being encouraged train their staff about the features of the new £1 coin, set to be introduced later this year.

The new £1 is set to come into circulation in just over two months' time, and yet few business holders know the details of how the changes taking place will affect them.

The coin will launch into co-circulation on 28 March, and by 16 October, all businesses coin handling equipment should be able to accept the new £1 coin. By then, businesses are under no obligation to accept the round £1 coin from their customers. At this time, distribution of the old coin is expected to stop, however it will still be accepted at most high street banks and the Post Office.

The reason behind the relaunch is simple- to combat the 45 million counterfeit £1 coins currently in circulation. The redesigned coin will be far more secure thanks to new security features. It is 12-sided and bimetallic, with micro-lettering and milled edges. It also has a hologram-like latent image that changes from an ‘£' symbol to the number ‘1' when the coin is seen from different angles.

The Royal Mint said that business owners should take precautionary steps to pre-empt the change, such as checking whether their business operates equipment, like lockers and vending machines, that handle the £1 coin. They also suggest businesses contact their equipment supplier to find out if they need to make any adaptations or upgrades, and making changes to their coin handling equipment if necessary.

Cash handling hospitality workers are also being encouraged to train their staff on the features of the new coin, and arrange with their bank or cash in transit provider to return the current coin and new coin in separate packaging.

The Royal Mint has established a website containing all the relevant information regarding how to deal with the change. For more information, please visit www.thenewpoundcoin.com

Photo: Royal Mint/Rex Features

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