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What your business needs to know about the new one pound coin
With the new one pound coin being released this March, we’ve put together some tips on what is about to change, to help you make sure your business is ready.
The pound coin has been the same shape since its introduction in 1983, when it originally replaced the pound note. The Royal Mint are introducing a new 12-sided coin on 28th March this year, which is said to be the most secure coin in the world. The pound has become a lot more vulnerable due to the number of counterfeits that are in circulation, it is believed there are more than 30 million fake pounds in the UK.
How will it be different to the old £1 coin?
The new coin will have a distinctive new 12-sided shape, which is based on the old threepenny bit, making it instantly recognisable by touch and sight.
Bimetallic colouring means the new pound will no longer just be gold; it will have an outer gold ring and the inner circle will be silver.
A new hologram image feature on the face will change from a pound sign to a number one.
There will be a high security feature built into the coin, which has been added to protect against future counterfeit.
Important dates for your business
There are a few important dates that businesses should be aware of in preparation for the introduction of the new pound.
In the lead up to 28th March, before the coin is launched, you’ll need to make sure that your suppliers have been contacted to make any changes or upgrades to coin handling equipment.
The time between 28th March 2017 to 15th October 2017 is the cocirculation period when both the old and the new pound coins can be accepted.
From 16th October 2017 onwards is the demonetisation period, you will no longer be able to distribute or accept the old pound coin from this date.
What should I do with my old £1 coins?
After 16th October 2017 your business will no longer be able to accept or distribute the round pound coin. Businesses are therefore urged to return any old pound coins to banks before they lose their legal tender status. For more information about the new one pound coin, visit www.thenewpoundcoin.com