UK
Businesses across the UK are reminded that the new £1 coin comes into circulation next month. The 12-sided coin, which resembles the old ‘threepenny bit’ and incorporates emblems from the four home nations, will be introduced on March 28. The existing round £1 will be legal tender alongside the new coin until 15 October this year.
The government is introducing the new coin to thwart the activities of “sophisticated counterfeiters” who have cost the UK economy an estimated £45 million in recent years.
Advice to businesses can be found on The Royal Mint website (http://www.thenewpoundcoin.com).
In preparation for the launch, businesses should:
- Check whether they operate equipment that handles the £1 coin;
- Contact their equipment supplier to find out if any adaptations or upgrades are required and by when;
- Make the necessary changes to coin handling equipment;
- Train staff on the features of the new £1 coin. Materials to support staff training are available to download for free at www.thenewpoundcoin.com.
- Agree with their bank or cash in transit (CIT) provider how to return the current £1 coin and new £1 coin during the co-circulation period.
