Our current, round, one-pound coin will start to disappear from 2017 and be replaced with a new 12-sided coin. The primary reason for this change is that new coin will be more difficult to counterfeit. Approximately one in thirty £1 coins in circulation is a counterfeit and the new coin will supposedly reduce the costs of businesses and the taxpayer.

How will it affect your business?

Many businesses were not fully prepared for the introduction of the polymer £5 note and therefore The Royal Mint are urging businesses that handle cash to be prepared for:

1. The introduction of the new £1 coin between October 2016 and March 2017. This includes:

  • Checking equipment can handle it and taking the appropriate steps if not
  • Consider changes to your cash handling processes ready for the co-circulation period
  • Training staff on the changes

2. The Co-circulation period from March 2017 to September 2017. During this period:

  • Both coins can be accepted from customers
  • Equipment should be able to handle both coins
  • Customers should be informed of which coins your machine accepts
  • You should agree with your bank or cash in transit provider how to return the current £1 coin and the new £1 coin

3. Demonetisation in Autumn 2017

  • All coin handling equipment must be able to accept the new £1 coin
  • You should not accept the round £1 coin or distribute it
  • The round £1 coin can be deposited into accounts at most high street banks and the Post Office

The above information is courtesy of http://www.thenewpoundcoin.com/#affect

Whilst changes such as this usually quite rare, it is another example of where having good systems in place can help businesses adapt more quickly and efficiently.

Not sure what we mean when we talk about systems? Here are some other related blog posts that may help you understand systems and why you need them: 

So… Are you ready? Get in touch to discuss how we can help you to improve your systems and processes and be ready for the new one-pound coin.

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