Retailers need to be ready for the new pound coin
The Royal Mint has announced the introduction of a new 12-sided Â£1 coin, with release scheduled for March 2017. Retailers across the UK need to get prepared for this change, there will be an mpact on everything from coin counting machines to shopping trolleys. Are you ready?
As a leading innovator of currency processing solutions, Cummins Allison has been in consultation with the Royal Mint to ensure their machines will be ready to accept this new coin well in advance of it being put into circulation.
Here are some answers to commonly asked questions - But for more information on how to get ready we suggest you contact Cummins Allison
- Will the current and the new £1 be in circulation at the same time?
Yes, there will be a six-month period where the existing £1 and the new £1 coins will co-circulate.
- What is the specification of the new £1 coin?
The new £1 to be issued from 2017 will be a 12-sided, bi-metallic, bi-colour coin with milled edges. It will weigh 8.75g and will have a diameter of 23.43mm from point to point (23.03mm edge to edge). The edge thickness will be 2.8mm and the metallic composition is: nickel-brass outer; nickel-plated solid alloy inner.T
- Will the existing £1 continue to be produced by The Royal Mint and be available to UK banks?
No, from 2017, only new 12-sided £1 coins will be produced and issued to UK banks from The Royal Mint.
- When will the existing £1 be removed from circulation?
From the point of introducing the new £1 coin, the existing £1 coin will begin to be withdrawn from circulation.
- When will the legal tender status of the existing £1 be withdrawn?
Following the six-month co-circulation period, legal tender status of the existing £1 will be withdrawn. Click here for further information on the definition of legal tender.
for more information on updating your coin counter and sorting machines… Contact Cummins Allison HERE
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