After 30 odd years, the iconic £1 coin is about to get a major makeover. From 28 March 2017 a state of the art 12 sided coin will be introduced into circulation. Thinner, lighter and slightly larger than the existing coin, the new £1 coin is designed to thwart counterfeiting; it’s estimated than 1/3 of all coins currently in circulation are counterfeit.
How will it affect businesses? There are some useful facts on The Royal Mint’s site, but the headlines are:
From 28 March 2017, in addition to accepting the old coins you’ll need to accept the new coins (as they are legal tender). You’ll need to check any equipment – like vending machines – can accept them.
From 16 October 2017, you’ll be under no obligation to accept the old coins (and you shouldn’t distribute the old coins to your customers). You’ll still be able to deposit the old coins with your bank.
The Royal Mint is also recommending you agree with your bank or cash in transit (CIT) provider how to return the current £1 coin and new £1 coin during the co-circulation period ( 28 March to 15 October 2017)
And when you’re done comparing the new and old coins, don’t forget you can joins thousands of small businesses comparing great business electricity and gas prices at energy-scanner.com