Saturday, October 21, 2017

Retailers urged to get ready for the new £1 coin

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A new government-led campaign launched today aims to support and urge retailers to prepare for the introduction of the new £1 coin.

As part of the “is your business ready?” campaign, a new website provides retailers with materials aimed to support them in their preparation for the new coin, which comes into circulation in March 2017.

The government and the Royal Mint are supporting all businesses affected as the 30-year-old pound coin is brought out of circulation and replaced with a new 12-sided version. 

According to the campaign website, all cash-handling retailers check whether they operate equipment that handles the £1 coin.

If they do, they need to contact their equipment supplier to find out if they need to make any adaptations or upgrades.

Retailers should also make the necessary changes to their coin handling equipment and train their staff on the features of the new £1 coin.


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Finally, retailers need to make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.

“The pound as we know it will not be round for much longer,” chief secretary to the Treasury David Gauke said.

“The introduction of this new £1 coin will be a highly significant event and we are working with The Royal Mint to ensure key industries are ready and to ensure a smooth transition.”

Gauke added that new security features include a hologram-like image that changes from a ‘£‘ symbol to the number ‘1‘ when the coin is seen from different angles. It also has micro-lettering and milled edges.

The new pound coin is purported to be the most secure of its kind in the world, and was created as a way to combat counterfeiters who are estimated to have around 45 million counterfeit £1 coins in circulation. 

With 12 sides as well as micro-lettering and milled edges, the new pound coin was designed at The Royal Mint‘s south Wales site.

“We would encourage business owners to visit the website as soon as possible, to find out how the new £1 coin could affect their business and what steps they need to take to prepare for the launch of the coin in March 2017,” The Royal Mint chief executive Adam Lawrence said. 

For details, visit www.thenewpoundcoin.com

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