On the 28th March 2017 the Royal Mint is launching a new 12 sided £1 coin. The pound will not be round anymore.

The new coin will be the world’s most secure coin. It has a number of features that will make it much harder to counterfeit than any before it.

12 Sided – The distinctive shape makes it instantly recognisable, even to touch.
Bimetallic – With a gold coloured outer ring (actually nickel-brass) and a silver coloured inner ring ( actually nickel-plated alloy) it is harder to replicate.
Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ depending on the angle you view it from.
Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side, for example 2016 or 2017.
Milled edges – it has grooves milled on alternate sides of the coin.
Hidden high security feature – There is also an undisclosed high security feature that has been built into the coin to protect it from counterfeiting in the future.
Smaller but wider – The current £1 coin is 9.5g and the new £1 coin is lighter at 8.75g. The current £1 coin has an edge thickness of 3.15mm, the new £1 coin is thinner at 2.8mm. The current £1 coin is 22.5mm in diameter, the new £1 coin is wider – 23.43mm from point to point and 23.03mm edge to edge.

How will this affect your Business?

In preparation you will need to:-

  • if you operate equipment that handles coins, contact your equipment supplier to find out if you need adaptations or replacements and by when.
  • If you handle cash, consider any changes to your cash handling processes e.g. counting, storing and banking during the co-circulation period. Train your staff on the features of the new £1 coin.

Co-Circulation Period from 28th March to 15 October 2017

During this time you can accept both coins from your customers.  However to enable your bank to process your coins  please deposit your old and new £1 coins in separate bags. As your equipment may be able to accept or dispense both £1 coins or just one, you will need check with your equipment suppliers and advise your customers which coins your equipment can accept.

16 October 2017 onwards -Demonetisation

After the 16 October 2017 the old round coin will no longer be legal tender. All your coin handling equipment should be able to accept the new £1 coin. You are no longer under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin. You should however be able to deposit the old round £1 coin into your bank account at most high street banks and the Post Office. However  it would be wise to deposit all your old coins as quickly as possible.

For more information visit the Royal Mint Website.

James Salmon, Director.