ACS has called on HM Treasury to set out a clear plan of communications and engagement with retailers ahead of the transition to the new £1 coin in 2017.
The Royal Mint claims that the proposed £1 coin will be the most secure circulating coin in the world to date. The coin is due to feature a twelve sided design and two coloured metals in its composition. In its submission, ACS has raised concerns about the transitional period between the old and new versions of the £1 coin. Many stores feature coin operated machines such as photo booths, self-service tills and air/vacuum machines in forecourts, which will need to be either replaced or upgraded to accept the new tender. These upgrades can often be expensive and time consuming.
ACS Chief Executive James Lowman said: “The introduction of a new £1 coin is a positive step that will significantly reduce the number of counterfeit coins in circulation. However, this is a big change for retailers who need to be able to prepare well in advance to ensure that everything in their store is set up to accept the new coins.
“Cash remains very important to convenience store customers, with 81% still paying with coins or notes. We will be working closely with HM Treasury over the coming months to ensure that retailers are provided with clear and comprehensive guidance on the implications of the introduction of a new £1 coin in 2017.”
The full submission can be viewed on the ACS website here: http://www.acs.org.uk/download/specification-of-the-1-coin-a-technical-consultation/
