The following statement has been issued by Monmouthshire County Council in preparation for the introduction of a new one pound British coin on the 28th of March. An explanatory leaflet can be downloaded as a PDF from the link below.
Please be advised the new one pound coin will come into circulation from the 28th March 2017 this will have implications for all services handling cash, particularly services with cash handling machines e.g. vending machines, car parking machines, lockers. The guidance below will assist.
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. That is why we are introducing a new, highly secure coin on 28 March 2017 to reduce the costs of counterfeits to businesses and the taxpayer.
How will it affect me?
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. Of the businesses across the UK who use coin-operated machines oruse coin-counting equipment, many will have upgraded them 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 or provider if you have any questions.
The legal tender status of the round £1 coin will be withdrawn on 15th October 2017. From this date businesses should 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.
October 2016 to 27 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
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 ensure that old and new £1 coins are not mixed but returned in separate bags. Your equipment may be able to accept or dispense both £1 coins or just one. Please check with your equipment suppliers.
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
If you require further information please don’t hesitate to contact me.
Senior Accountant VAT , Banking and Financial Control
Monmouthshire County Council / Cyngor Sir Fynwy
( Tel / Ffôn: 01633 64(4648)