The Treasury has urged businesses to prepare in advance for the 28 March 2017 introduction of the new 12-sided £1 coin to eventually replace the old round pound which we have been using for the last 30 years. Following the introduction of the coin, there will be a six-month period when both the new and the old £1 coin will be in circulation at the same time until the 15 October 2017 when the round pound will cease to be legal tender.
The new coin is being introduced in order to tackle the problem of counterfeit money, a ‘hidden high-security feature’ has been added to the new coin in an effort to make its design harder to replicate.
What must businesses do?
Determine which of your cash processing equipment is calibrated to accept the new £1 coin and which may need to be upgraded or replaced
Contact your equipment manufacturer to discuss any upgrades or replacement of your cash processing technology
Train staff on the security features of the new £1 coin and ensure they know how to spot authenticity
Consider any changes to the cash handling processes e.g. counting, storing and banking to determine the best way to exchange the old pound coins with your bank/CIT provider
Make the necessary changes prior to 28th March 2017
Ensure staff do not accept the old pound coins after the date of demonetization on the 15 October 2017
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