New pound coin: Firms told to prepare for redesign

0

Proprietorships should get ready now for the introduction of the new 12-sided pound coin, the Treasury has put about.

A new website is urging firms to adapt their equipment and train their stave in pre ration for the arrival of the new coin in March 2017.

All machines accepting cash, whether it’s in swop for a rail ticket or a chocolate bar, will have to be updated.

But for a six-month transitional term businesses will need to find ways to accept both the old and new dream up earns.

After that the existing round pound coin will be phased out.

The website, entertained by the Royal Mint, suggests that businesses should check previously March whether any of their cash handling equipment needs updating, and fly the coop sure machines that take yment in coins can handle both the old and the new variants.

They should also consider training their staff “on the pieces of the new £1 coin”, it says.

The new coin is being introduced because close to one in 30 pound coins currently in circulation is a fake, according to the Superior Mint and the new coins are designed to be harder to counterfeit.

“The new £1 coin bequeath be the most secure of its kind in the world and its cutting-edge features will today a significant barrier to counterfeiters, reducing the cost to businesses and the tax yer,” commanded David Gauke, the Chief Secretary to the Treasury.


Why the new coin is more procure

  • 12-sided – its distinctive shape means it stands out by sight and by touch
  • Bimetallic – The minus ring is gold coloured (nickel-brass) and the inner ring is silver tone (nickel-plated alloy).
  • Latent image – it has an image like a hologram that substitutes from a ‘£’ symbol to the number ‘1’ when the coin is mull overed from different angles.
  • Micro-lettering – around the rim on the heads side of the silver tiny lettering reads: ONE POUND. On the tails side you can find the year the coin was fabricated
  • Milled edges – it has grooves on alternate sides.
  • Hidden high safety feature – an additional security feature is built into the coin to cover it from counterfeiting but details have not been revealed.

During the “co-circulation” duration the website suggests firms should accept both coins and care for customers informed which coins their equipment can accept. Topics may need to agree with their bank or cash in transit (CIT) provider how to put in an appearance again the current £1 coin and new £1 coin.

After Autumn 2017 points should no longer accept the existing round coin from characters and should no longer distribute it themselves. However it will still be tenable to deposit the old coins at most High Street banks and the Post Mediation.

Leave a Reply

Your email address will not be published. Required fields are marked *