A brand new 12-sided £1 coin is being introduced today, which means the current “round-pound” coin will be phased out. The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters. That is why a new, highly secure coin is being introduced in to reduce the costs of counterfeits to businesses and the taxpayer. The “round-pound” will still be accepted as legal tender alongside the new coin for just over six months, until October 15.
The new £1 coin is very different to the old one. This means that you will need to upgrade your coin handling equipment. Coin handling equipment includes vending machines, car park ticket machines, leisure centre lockers, supermarket trolleys, gaming machines, self-service checkouts, cash counting machines and any other machine that accepts £1 coins.
To make sure this won’t effect your premises, you should:
- Check whether you operate equipment that uses the £1 coin.
- Contact your equipment supplier to find out if you need to make any adaptations or upgrades.
- Make the necessary changes to your coin handling equipment.
- Train your staff‑ on the features of the new £1 coin.
1000’s of lockers around the UK haven’t yet been converted to take the new legal tender. All £1 Coin operated lockers available from Ministry of Furniture will be fitted with NEW £1 Coin compatible locks as standard. Ministry of Furniture are also here to lend a hand and carry out any conversions you may have on any existing stock (charges will apply)
Call today to book in your free consultation with our Furniture Specialists.