Over the past few weeks the new 12-sided pound coin has been released into circulation and as such they are being more frequently used. As a result businesses around the country are in the process of adapting to the change. But what do businesses need to do in order to be ready for the demonetisation of the old £1 coin?
With around 45 million counterfeit £1 coins currently in circulation, the new 12 sided coin comes with features that are hoped will make it harder to forge. Described as “the most secure coin in the world” it contains the following features:
- Latent image – it has an image like a hologram that changes from a ‘£’ symbol to the number ‘1’ when the coin is seen from different angles.
- 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, for example 2016 or 2017.
- 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.
So during the Co-circulation period (up until September 2017), businesses need to be aware that:
- You can accept both coins from your customers;
- Your equipment may be able to accept or dispense both £1 coins or just one. Please check with your equipment suppliers;
- You will need to tell your customers which coins your equipment can accept;
- You should agree with your bank or cash in transit (CIT) provider how to return the current £1 coin and new £1 coin.
As of the Autumn of 2017 demonetisation will begin. From here on businesses need to make sure that:
- All coin handling equipment should be able to accept the new £1 coin;
- The round £1 coin should not be accepted from your customers and you should not distribute the round £1 coin;
- The round £1 coin can continue to be deposited into a customer’s account at most high street banks and the Post Office, however check with your bank for more details, including deposit limits.
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