New £1 Coin Enters Circulation on March 28th

ACS is urging retailers to ensure that they are prepared for the introduction of the new £1 coin by using the resources available to them through the official pound coin website (www.thenewpoundcoin.com). The site contains a short film and downloadable materials for retailers.

The new 12-sided £1 coin aims to 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.

The new coin will have several new security features that retailers need to be familiar with, including holograms and micro-lettering.

What can retailers do to prepare?

  • 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 include:

  • 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 Mon, 27/03/2017 - 13:51
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