Preparing for the new £1 coin
- 1 Overview
- 2 What can I do to prepare?
- 3 What do I need to do when the new coin comes into circulation?
- 4 What happens after the co-circulation period?
- 5 Where can I get information about the new coin to help ensure my business and staff are fully up to date?
The new pound coin will be introduced in March 2017. Businesses which handle cash will need to prepare for the following situations:
- Introduction of the new coin.
- Period when both the new £1 coin and the old £1 coin will be in circulation at the same time.
- Demonetisation – when the current £1 coin will no longer be legal tender.
- Check if your business uses equipment that takes £1 coins.
- Contact your equipment supplier to find out if you need adaptations or replacements, costs and timelines on installation.
- Make the changes to your coin equipment so they can accept the new and old £1 coin.
- 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.
As from the 28th of March 2017 the new £1 coin will come into circulation. From that date and until the 15th of October 2017 both the new £1 coin and the old £1 coin will be legal tender. Points to consider during this period:
- Be aware that you can accept both coins from your customers.
- To help banks process your coins during the co-circulation period please ensure that old and new £1 coins are not mixed but returned in separate bags.
- At this point your equipment may be able to accept or dispense both £1 coins or just one. Please check with your equipment suppliers.
- Make sure you tell your customers which coins your equipment can accept.
This is called Demonetisation. During this time you should be aware that:
- All your equipment that accepts coins should be equipped to accept the new £1 coin.
- You are under no obligation to accept the old round £1 coin from your customers.
- You are no longer allowed to 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. But be sure to check with your bank for more details.
5. Where can I get information about the new coin to help ensure my business and staff are fully up to date?
The Royal Mint have a series free training materials on their website. Including leaflets for staff, posters, diagrams and a training video. Please see their website for more details.
Contact your local Business Gateway office.
Your local office will be able to answer your questions on this or any other business subject.