Less than One Week Until the Introduction of the New £1 Coin

With less than a week to go until the new £1 coin is introduced, ACS is urging retailers to ensure they are prepared for the new 12-sided version by using the resources available to them through the official pound coin website. The site contains a short film and downloadable materials for retailers.

The coin will officially enter circulation on 28th March 2017 and will combat counterfeiters by being the most secure of its kind in the world. There are around 45 million counterfeit £1 coins currently in circulation, generating significant cost to industry and taxpayers.

What do you need to do before 28 March 2017?

  • Check whether you operate coin handling equipment that handles the £1 coin e.g. vending machines, children’s rides, change machines, etc. (If you do, and you haven’t already completed your upgrades, you should contact your manufacturers as soon as possible.)
  • Book an appointment ASAP to make any necessary changes to your coin handling equipment, if not already complete.
  • Use the new website to train your staff on the features of the new £1 coin.
  • Make arrangements with your bank, the Post Office or cash in transit provider to return the current £1 coin and new £1 coin during the six month co-circulation period.

New features of the 12-sided £1 coin

  • 12-sided with rounded edges
  • Bimetallic – the outer ring is gold coloured and the inner ring is silver coloured.
  • Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’.
  • Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side.
  • Milled edges – it has grooves on alternate sides.
  • Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.

More information about the new £1 coin can be found at www.thenewpoundcoin.com

 

This entry was posted by Leah on Wed, 22/03/2017 - 14:00
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