Home Business NewsBusiness New pound coin set to be released in March 2017

New pound coin set to be released in March 2017

1st Nov 16 10:03 am

A new shape for the pound coin?

The Treasury has said businesses should get ready for the introduction of a new pound coin that will feature a 12-sided shape.

Firms are being told to be prepared and adapt their equipment ready for the change, training staff has also been said to be of importance.

The new coin is set to be released in March 2017, all machines that accept cash will have to change.

During a six-month transitional period, all businesses must find a way to accept both the old and the new pound coin.

The updated website which is hosted by The Royal Mint has suggested that all firms should check before March whether they need to update their equipment for the release of the pound coin. All machines will need to be able to take both types.

The new idea for the pound coin has come about after the finding that many coins in circulation now are fake. The new design will make it harder for the coins to be counterfeit.

David Gauke, the Chief Secretary to the Treasury, told the BBC: “The new £1 coin will be the most secure of its kind in the world and its cutting-edge features will present a significant barrier to counterfeiters, reducing the cost to businesses and the taxpayer,”

The round pound coin will no longer be accepted after Autumn 2017 and customers should no longer be distributing it themselves. Though high street banks and Post Offices will be available for people to deposit the old coin.

Leave a Comment


Sign up to our daily news alerts

[ms-form id=1]