HM Treasury have unveiled the new design of the £1 coin which will be introduced in early 2017 in response to their 2014 ‘Specification of the £1 coin’ consultation.
The new coin will be 12 sided with rounded edges and corners, have two coloured metals in its composition and feature the Royal Mint’s anti-counterfeiting technology.
ACS Chief Executive James Lowman said: “ACS welcomes the introduction of a new £1 coin as the new security measures will help to significantly reduce the number of counterfeit coins in circulation. However, this will be a big change for retailers who need to be made aware of the new specification to prepare their store and staff in advance ensuring measures are in place to accept the new coins.”
Changes to the £1 coin were initially announced in the 2014 Budget due to the current coin’s vulnerability to counterfeiting. One in every thirty £1 coins is now counterfeit, which generates significant costs to industry, the general public, taxpayers and the wider society.
Mr Lowman added: “Cash is still the most popular method of payment for convenience store shoppers, with 81% still paying with coins or notes. We will be working closely with HM Treasury over the next two years to ensure that retailers are provided with clear and comprehensive guidance on the implications of the new £1 coin in 2017.”
ACS’ response to the HM Treasury’s consultation can be viewed here: http://www.acs.org.uk/download/specification-of-the-1-coin-a-technical-consultation/
