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