The new £1 coin will enter circulation in the UK on 28th March – is your business ready?
The current £1 coin is being replaced for the first time in over thirty years because of its vulnerability to sophisticated counterfeiters.
Approximately one in thirty £1 coins in circulation is a counterfeit.
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.
These are the time scales that have been set and worth noting that the round £1 coin will end circulation in October!
October 2016 – 28th 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.
28th March – 15th October 2017: Co-circulation period
- 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: 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.
Please note: Image is from www.bbc.co.uk
