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    26th January 2017

    New £1 Coin 

    Important dates from the Royal Mint in preparing for the New £1 Coin.

    October 2016 to 27 March 2017

    Preparing for the New £1 Coin

    • check whether you operate equipment that handles the £1 coin.
    • contact your equipment supplier to find out if you need adaptations or replacements and by when.
    • make the changes to your coin handling equipment.
    • train your staff on the features of the new £1 coin.
    • consider any changes to your cash handling processes e.g. counting, storing and banking during the co-circulation period.

    28 March to 15 October 2017

    Co-circulation period of the old and New £1 Coin

    • 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 make arrangements with your bank or cash in transit (CIT) provider to return the current £1 coin and new £1 coin in separate packaging.

    16 October 2017 onwards

    Demonetisation

    • all your coin handling equipment should be able to accept the new £1 coin.
    • you are under no obligation to accept the round £1 coin 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**check with your bank for more details, including deposit limits.

     

    The most secure coin in the world

    The new coin has a number of features that make it much more difficult to counterfeit.

    12-sidedits distinctive shape makes it instantly recognisable, even by touch.

    Bimetallicit is made of two metals. The outer ring is gold coloured (nickel-brass) and the inner ring is silver coloured (nickel-plated alloy).

    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.

     

    For more information, please visit the Royal Mint’s New £1 Coin website:  www.thenewpoundcoin.com

     

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    Bolton, BL1 2SZ
    Tel: +44 (0)1204 520011
    Fax: +44 (0)1204 520022
    Email: sales@maggielectronics.co.uk

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