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Business News in South Ribble

Is Your Business Ready For The New £1 coin?

Nov 01, 2016

Businesses are being asked to ready themselves for next year's launch of the new £1 coin.

The new pound coin website has been launched by the government and The Royal Mint to support retailers and major firms ahead of the launch next March. The website offers advice on how the new coin will affect businesses and what steps to take in preparation.

The 30-year-old £1 coin is being replaced with a 12-sided version which will be the most secure of its kind in the world in a bid to combat counterfeiters who have about 45 million counterfeit coins in circulation.

Before next year's launch, cash handling businesses are being encouraged to check whether they operate equipment that handles the £1 coin; contact their equipment suppliers; make the necessary changes to their coin handling equipment; train staff on the new features and make arrangements with their bank or cash in transit provider to return the current £1 coin and new £1 coin in separate packaging.

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