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The new pound coin: Everything you need to know

2 Feb 2017 Blog

Dean Glover TellermateThe British £1 coin is getting a makeover. A new pound coin is due to be released by the Royal Mint at the end of March with a refreshed design, improved security features and a striking new shape. But, with this change in the size and weight of the coin, comes the need to ensure that a whole host of cash processing equipment across the UK is able to process the new coin. So what is the impact of the new £1 coin on the public, your business, and most importantly on your cash management?

From the release date, to the upgrades you’ll likely need to make to your cash management technology; here’s everything you need to know about the new one pound coin – and how to prepare your business for its arrival…

Introducing the new pound coin

New Pound CoinThe new £1 coin will be released into general circulation on the 28th March 2017. There will then be approximately six months of co-circulation where both the old and new £1 coins can be used. On the 15th October 2017 the old pound coin will be demonetized and will no longer be accepted as legal tender by the majority of businesses.

Businesses and consumers are advised to exchange or deposit their old £1 coins before this date.

Why the change?

The current one pound coin is one of the most forged coins in the world. In fact, research by the Royal Mint in found that approximately 3% of pound coins in circulation were actually counterfeits.

The new coin has a number of distinct features that will make it much more difficult to forge. For example:

  • 12 sides: As the Royal Mint states, “The pound won’t be round for much longer”. The new £1 coin will have 12 sides. It’s thought that the distinctive new shape will make it easier to distinguish from other coins. This, combined with milled edges on alternate signs and micro lettering means that the new £1 coin will be much harder to replicate than its predecessors.
  • Latent image: The new design has an image (similar to a hologram) that alternates between a £ symbol and the number 1 when viewed from different angles.
  • Hidden security feature: According to the official website the new pound coin has a “hidden high security feature” incorporated into the coin that will prevent counterfeiting for years to come. (The full details of the Integrated Secure Identification System are of course not in the public domain, but it’s widely speculated that some sort of chip in the centre of the coin will enable it to be scanned for authenticity).

It is hoped that these innovative security features will help reduce the cost of counterfeits to both UK businesses and the UK taxpayer.

How will it affect my business?

If you have any cash processing, counting or sorting equipment you may need to make some changes to this to ensure that your equipment is able to process the new pound coin.
Here’s a few steps you can take:

  1. Determine which of your cash processing equipment is already calibrated to accept the new £1 coin and which may need to be upgraded or replaced
  2. Contact your equipment manufacturer to discuss the upgrade or replacement of your cash processing technology.
  3. Make the necessary changes prior to 28th March 2017
  4. Determine a plan for cash management, counting and storing of the old and new £1 coins
  5. Educate staff on the new security features and ensure they know how to spot counterfeits
  6. Determine the best way to exchange the old pound coins with your bank/CIT provider
  7. Ensure staff do not accept the old pound coins after the date of demonetization

What does this mean for your Tellermate cash counter?

The good news is that all Tellermate T-ix and TY cash counters can be updated to count the new pound coin. It requires a simple manual calibration that can often be done over the phone. Tellermate customers are advised to contact our customer services team who can guide you through the process.

Please visit www.tellermate.com/contact-us/ or call us on +44 (0)1633 276 868

Want to learn more about the impact of the new pound coin? Click here to find out more.

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