{"id":1131,"date":"2017-04-27T10:43:45","date_gmt":"2017-04-27T09:43:45","guid":{"rendered":"http:\/\/www.tayloremmet.co.uk\/blsblog\/?p=1131"},"modified":"2017-04-27T10:43:45","modified_gmt":"2017-04-27T09:43:45","slug":"is-your-business-ready-for-the-new-1-coin","status":"publish","type":"post","link":"https:\/\/www.tayloremmet.co.uk\/blogs\/is-your-business-ready-for-the-new-1-coin\/","title":{"rendered":"Is your business ready for the new \u00a31 coin?"},"content":{"rendered":"<p><a href=\"https:\/\/www.tayloremmet.co.uk\/blogs\/wp-content\/uploads\/Coin-BW.jpg\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignleft wp-image-1355\" src=\"https:\/\/www.tayloremmet.co.uk\/blsblog\/wp-content\/uploads\/2016\/11\/Coin-BW-300x200.jpg\" alt=\"Is your business ready for the new \u00a31 coin?\" width=\"340\" height=\"229\" \/><\/a>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 \u00a31 coin?<\/p>\n<p>With around 45 million counterfeit \u00a31 coins currently in circulation, the new 12 sided coin comes with features that are hoped will make it harder to forge. Described as \u00a0\u201c<span style=\"color: #003a7a;\"><a style=\"color: #003a7a;\" href=\"https:\/\/www.thenewpoundcoin.com\/\">the most secure coin in the world<\/a><\/span>\u201d it contains the following features:<\/p>\n<ul>\n<li>Latent image \u2013 it has an image like a hologram that changes from a \u2018\u00a3\u2019 symbol to the number \u20181\u2019 when the coin is seen from different angles.<\/li>\n<li>Micro-lettering \u2013 it has very small lettering on the lower inside rim on both sides of the coin. One pound on the obverse \u201cheads\u201d side and the year of production on the reverse \u201ctails\u201d side, for example 2016 or 2017.<\/li>\n<li>Milled edges \u2013 it has grooves on alternate sides.<\/li>\n<li>Hidden high security feature \u2013 a high security feature is built into the coin to protect it from counterfeiting in the future.<\/li>\n<\/ul>\n<p><strong><span style=\"color: #003a7a;\">So during the Co-circulation period (up until September 2017), businesses need to be aware that:<\/span><\/strong><\/p>\n<ul>\n<li>You can accept both coins from your customers;<\/li>\n<li>Your equipment may be able to accept or dispense both \u00a31 coins or just one. Please check with your equipment suppliers;<\/li>\n<li>You will need to tell your customers which coins your equipment can accept;<\/li>\n<li>You should agree with your bank or cash in transit (CIT) provider how to return the current \u00a31 coin and new \u00a31 coin.<\/li>\n<\/ul>\n<p><span style=\"color: #003a7a;\"><strong>As of the Autumn of 2017 demonetisation will begin. From here on businesses need to make sure that:<\/strong><\/span><\/p>\n<ul>\n<li>All coin handling equipment should be able to accept the new \u00a31 coin;<\/li>\n<li>The round \u00a31 coin should not be accepted from your customers and you should not distribute the round \u00a31 coin;<\/li>\n<li>The round \u00a31 coin can continue to be deposited into a customer\u2019s account at most high street banks and the Post Office, however check with your bank for more details, including deposit limits.\n<div id=\"attachment_1002\" style=\"width: 217px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.tayloremmet.co.uk\/blsblog\/wp-content\/uploads\/2015\/09\/Alex-head-and-shoulders.jpg\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1002\" class=\"wp-image-1002\" src=\"https:\/\/www.tayloremmet.co.uk\/blsblog\/wp-content\/uploads\/2015\/09\/Alex-head-and-shoulders-296x300.jpg\" alt=\"Alex Byard: Is your business ready for the new \u00a31 coin?\" width=\"207\" height=\"210\" \/><\/a><p id=\"caption-attachment-1002\" class=\"wp-caption-text\">Alex Byard<\/p><\/div><\/li>\n<\/ul>\n<p>To speak to one of our business experts please\u00a0email <strong><span style=\"color: #003a7a;\"><a style=\"color: #003a7a;\" href=\"mailto:info@tayloremmet.co.uk\">info@tayloremmet.co.uk<\/a><\/span>\u00a0<\/strong>or telephone <strong><span style=\"color: #003a7a;\">(0114) 218 4000<\/span>.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":3823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1487,1492],"tags":[1547,809,1811,1932,2037,2044],"class_list":["post-1131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-business","category-corporate","tag-bimetallic","tag-government","tag-micro-lettering","tag-royal-mint","tag-thenewpoundcoin","tag-treasury"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Is your business ready for the new \u00a31 coin? | Blogs<\/title>\n<meta name=\"description\" content=\"Now the new 12-sided pound coin has been released into circulation. 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