New 12 Sided Pounds - Is Your Business Ready?
20th March 2017
The new UK £1 coin will enter circulation in March 2017, and The Royal Mint is producing 1.5 billion of the new coins.
The final specification of the coin and method of introduction were decided after a ten-week public consultation which looked at the physical and material characteristics of the coin, as well as the parameters for the transition.
The Royal Mint is producing 3 million of the new coins every day at the moment.
The new 12-sided £1 coin is being introduced into circulation on 28th March 2017. You will start to see the new 12-sided coin in the days and weeks following this.
Businesses across the UK who handle cash have been informed of the need to prepare for the introduction. Many will have upgraded their machines to accept the new £1 coin, however, not all machines will work with the new coin from the date of introduction. Please talk to the equipment owner if you have any questions.
The legal tender status of the round £1 coin will be withdrawn on 15th October 2017. From this date shops will no longer accept these coins, but you will still be able to take them to your bank. We would encourage you to use your coins or return them to your bank before 15th October.
All businesses which handle cash will need to prepare for the:
introduction of the new £1 coin;
co-circulation period, when the new £1 coin and the old £ coin are in circulation at the same time; and
demonetisation, when the current £1 coin is no longer legal tender.
28 March to 15 October 2017
you can accept both coins from your customers.
to enable banks to process your coins during the co-circulation period please return your old and new £1 coins in separate bags. For more details please visit the Frequently Asked Questions section of this website.
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.
16 October 2017 onwards
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.
For more information see - www.thenewpoundcoin.com/