Retailers urged to prepare for arrival of new £1 coin

By

Barbara Santamaria

Published
Nov 1, 2016

The Government has launched a new campaign to support retailers and other major businesses to prepare for the arrival of the historic new £1 coin.

The 30-year-old pound coin is being brought out of circulation and replaced with a new 12-sided version, which will be launched in March 2017.

According to the Government, the new pound coin will be the most secure of its kind, with new security features including a hologram-like image that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles. It will also have micro-lettering and milled edges.

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All cash handling businesses are being urged to check whether they operate equipment that handles the £1 coin and contact their equipment supplier to find out if they need to make any adaptations or upgrades.

They should also train their staff on the new features and make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.

“The pound as we know it will not be round for much longer. The introduction of this new £1 coin will be a highly significant event and we are working with The Royal Mint to ensure key industries are ready and to ensure a smooth transition,” said David Gauke, the Chief Secretary to the Treasury.

Businesses are encouraged to visit Thenewpoundcoin.com to find out how the change could affect their business and to download helpful materials to help educate and train staff.