Treasury urges businesses to prepare for introduction of new pound coin
01 Nov 2016
The Treasury has urged businesses to prepare in advance for the March 2017 introduction of the new 12-sided £1 coin.
A new Government website has called for firms that handle cash to adapt their equipment and train their employees on the features of the new coin.
Following the introduction of the coin, there will be a six month period when both the old and the new £1 coin will be in circulation at the same time. Both types of coin will be accepted as legal tender during this period. The new coin will then replace the current 30-year-old coin, which will be demonetised in Autumn 2017.
The new coin is being introduced to help combat the production of counterfeit money: the Treasury recently revealed that 45 million counterfeit £1 coins are currently in circulation in the UK.
In order to tackle the problem of counterfeit £1 coins, a ‘hidden high security feature’ has been added to the Government’s new coin in an effort to make its design harder to replicate.
David Gauke, Chief Secretary to the Treasury, commented: ‘The new £1 coin will be the most secure of its kind in the world, and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer.’
More information on the new £1 coin can be found here: www.thenewpoundcoin.com.