ACS (the Association of Convenience Stores) is encouraging retailers to ensure that their stores are ready for the introduction of the new £1 coin next month.
ACS took part in a roundtable meeting this morning (28 February) with Treasury Minister Baroness Neville-Rolfe to report on the levels of readiness in the convenience sector.
In one month's time, the 30-year-old round pound coin will start to be brought out of circulation and replaced with a new 12-sided version. The coin will officially enter circulation on 28 March 2017, with a six month co-circulation period following.
ACS is encouraging retailers to prepare for the new coin with the resources available to them through the official pound coin website. The site contains a short film and downloadable materials for retailers.
Association of Convenience Stores chief executive James Lowman, said: “The introduction of a new £1 coin is a positive step toward taking counterfeit coins out of circulation.
"It is essential that retailers are prepared for the introduction of the new £1 coin, as the transition is likely to affect a number of areas of their business, especially if they have coin operated machines such as self-service tills in store.
"We encourage retailers to make use of the guidance provided by the Royal Mint and to speak to their suppliers of coin operated machines as soon as possible to make the transition as smooth as possible for consumers."
What do you need to do before 28 March 2017?
- Check whether you operate coin handling equipment that handles the £1 coin e.g. vending machines, children’s rides, change machines, etc. (If you do, manufacturers will be busy during the period leading up to the introduction of the new coin. In order that your upgrades are completed before March you should contact them as soon as possible.)
- Book an appointment to make any necessary changes to your coin handling equipment
- Use the new website to train your staff on the features of the new £1 coin
- Make arrangements with your bank, the Post Office or cash in transit provider to return the current £1 coin and new £1 coin during the six month co-circulation period. It is important that you speak to your bank about whether they will accept mixed bags of new and old £1 coins during the co-circulation period
New features of the 12-sided £1 coin
- 12-sided with rounded edges
- Bimetallic – the outer ring is gold coloured and the inner ring is silver coloured.
- Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’.
- Micro-lettering – it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse “heads” side and the year of production on the reverse “tails” side.
- Milled edges – it has grooves on alternate sides.
- Hidden high security feature – a high security feature is built into the coin to protect it from counterfeiting in the future.
More information about the new £1 coin can be found at www.thenewpoundcoin.com
