Vending machine operators are among businesses who will need to prepare for the new, more secure 12 sided £1 coin that will replace the current coin and enter circulation in March 2017.
The new £1 coin resembles the old ‘threepenny’ bit and replaces the current £1 coin introduced over 30 years ago which has become increasingly vulnerable to sophisticated counterfeiters.
Chancellor of the Exchequer, George Osborne said: “I am delighted that the Royal Mint are now producing the most secure circulating coin anywhere in the world. With ground-breaking technology, developed in Wales, the new coin will help secure our economy and get rid of counterfeits. In a year’s time, the new coin, which will incorporate emblems from all four of our home nations, will line millions of pockets and purses around the UK.”
The new coin was designed by David Pearce, 15 at the time, and a pupil at Queen Mary’s Grammar School in Walsall.
His winning design was chosen following a public competition organised by The Royal Mint on behalf of Her Majesty’s Treasury which saw over 6,000 entries.
Adam Lawrence, Chief Executive of The Royal Mint said: “As the Chancellor has announced today, the new coin will be going into circulation in March 2017, so that gives us a challenging but hugely exciting year to produce more than one billion brand new £1 coins. As an organisation we have been established for over one thousand years and we are proud to be recognised as the world’s best mint. In modernising the iconic £1 coin we are helping to re-define the world of coinage for the future.”
Jonathan Hart, Chief Executive of the Automatic Vending Association said: “The AVA and The Royal Mint have been working together for a number of years to ensure implementation of the new £1 coin proceeds as smoothly as possible.
“Whilst we can’t hide from the fact there is a sizeable piece of work for our members to undertake to ensure readiness, as an organisation we completely understand and support the rationale and the need for a new, secure, £1 coin in the United Kingdom.”
From March 2017, there will be a six-month period of co-circulation, where the current £1 and the new £1 coins will both be in circulation. Image courtesy of The Royal Mint