Retail businesses are urged to prepare for the new £1 coin, as Chief Secretary to the Treasury David Gauke reveals it will enter circulation on 28 March 2017.
With three months to go, the government is continuing its “Is your business ready?” campaign to help the retail industry and other major businesses prepare for the introduction of the historic new £1 coin.
This is the first time a new £1 coin has been introduced in over 30 years.
The new 12-sided £1 will be the most secure coin in the world. It boasts several new security features, including a hologram to prevent counterfeits, which cost taxpayers and businesses millions every year.
Businesses of all sizes are being encouraged to visit www.thenewpoundcoin.com to find out how to get ready for the change, and to download helpful materials to help educate and train staff.
All cash handling businesses should take the following steps before 28 March 2017:
- Check whether they operate equipment that handles the £1 coin;
- Contact their equipment supplier to find out if they need to make any adaptations or upgrades;
- Make the necessary changes to their coin handling equipment;
- Train their staff on the features of the new £1 coin; and
- Make arrangements with their bank or cash-in-transit provider to return the current £1 coin and new £1 coin in separate packaging.
Chief Secretary to the Treasury David Gauke said:
“March 28 should be an important date in everybody’s calendar this year – as we will have a new quid on the block.
“This is a historic moment as it’s the first time we’ve introduced a new £1 coin since 1983, and this one will be harder to counterfeit than ever before.”
Adam Lawrence, Chief Executive of The Royal Mint, added:
“We are hugely proud of the new 12-sided £1 coin, which has been designed using cutting edge technology at our South Wales site.
“We would encourage business owners to visit the website as soon as possible, to find out how the new £1 coin could affect their business and what steps they need to take to prepare for the launch of the coin in March 2017”
Did you know?
- The Royal Mint has produced over 2.2 billion round pound coins since 1983 – that’s the same weight as nearly 6,000 elephants
- 25 different designs have appeared on the current pound coin from dragons to trees
- The Royal Mint will make over 1.5 billion of the new £1 coins
- If you put these coins side by side, there would be enough to go from the UK to New Zealand and back
- The new £1 coin is based on the design of the old 12-sided three-penny bit, a popular British coin which went out of circulation in 1971
- This equates to more than 30 coins every single second and nearly 3 million new £1 coins per day
- Some of the round £1 coins returned by the public will be melted down and reused to make the new £1 coin
- The oldest British coins in the Royal Mint’s collection dates back over 2,000 years
- Some coins produced by the Royal Mint are tested every year to ensure they meet the correct specifications at the ‘Trial of the Pyx’, a judicial ceremony which dates back to the twelfth century. 2017 will be the first time the new £1 coin goes to trial
- The Chancellor is the UK’s official “Master of the Mint” – a title previously held by Isaac Newton
Modern Retail UK